ONE Group Hospitality has successfully concluded the acquisition of Safflower Holdings Corp, owner of the Benihana brand, for $365m in cash.

The deal was first announced in March 2024.

Benihana, known for its Japanese teppanyaki and sushi offerings, operates 88 company-owned restaurants and 17 franchised or licensed venues across the Americas.

To finance the acquisition, ONE Group planned a funding strategy that included $160m in preferred equity alongside a portion of a $390m term loan and credit facility.

Deutsche Bank Securities served as financial advisor to ONE Group and acted as the lead arranger for the term loan and credit facility. Stoel Rives was legal counsel.

Benihana received financial advice from Piper Sandler & Co, with Sidley Austin and Akin Gump Strauss Hauer & Feld offering legal guidance.

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ONE Group’s portfolio now encompasses 168 venues worldwide, including full-service entertainment and grill restaurants spread across four distinct and complementary brands.

ONE Group president and CEO Emanuel Hilario said: “We are delighted to have completed the acquisition and look forward to this next chapter for our company.

“Benihana provides us with additional growth and development opportunities and supports our broader strategy to fortify and diversify our leading portfolio of best-in-class experiential VIBE restaurant concepts.

“Most importantly, I’d like to welcome our 6,500 new Benihana teammates and our new board members, Scott Ross and James Chambers.”