US private equity company L Catterton has acquired Kisshokichi, a Kobe beef restaurant chain, for an undisclosed sum.
Kobe beef, a designation given exclusively to wagyu (Japanese beef) that meets rigorous standards, is known for its tenderness, flavour and marbling.
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It is a sought-after delicacy for both locals and tourists in Japan, with its popularity expected to contribute to the growth of the Kobe beef restaurant market in the country.
Kisshokichi is the largest Kobe beef restaurant chain globally.
Since its inception in 2008, it has focused on offering wagyu beef and has expanded to operate 50 dining establishments throughout Japan, the majority of which are in regions such as Tokyo, Osaka, Hyogo and Kyoto.
The chain’s portfolio primarily features teppanyaki-style eateries, but also encompasses sukiyaki, yakiniku and ramen restaurants.
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By GlobalDataL Catterton managing director Ray Yamaguchi stated: “Gourmands across the world relish Kobe beef and Kisshokichi is the only restaurant chain that has been able to offer them the rare treat at scale, balancing culinary excellence with strong unit economics. Demand is rising, particularly with Japan continuing to attract record-high numbers of tourists, and Kisshokichi has significant headroom for further expansion, especially in key gateway cities.
L Catterton has a history of investments in the foodservice sector, with a portfolio that includes Velvet Taco, Cheddar’s Scratch Kitchen, Baja Fresh, Cigierre and Outback Steakhouse.
Kisshokichi chairman and founder Kiyomi Akagi stated: “Partnering with L Catterton augments our ability to achieve this mission as it has a remarkable track record of empowering founders to realise their long-term goals and create enduring legacies.
“The firm’s industry experience, consumer insights, as well as functional expertise, will be invaluable as we pursue our ambitions, and we are confident that its support will help drive our growth.”
