Multichannel Japanese food business Snowfox Group has been acquired by food service company Zensho in a $621m deal.
The completion of this deal is now subject to certain customary closing conditions. The terms of this acquisition are yet to be confirmed.
Following this transaction, consumer and technology investor Mayfair Equity Partners will completely exit Snowfox.
Mayfair Equity Partners has assets worth more than £2bn ($25.24bn) under management.
Snowfox CEO Richard Hodgson said: “This is an exciting moment for the Snowfox Group and having had seven successful years owned by Mayfair Equity Partners, this proposed transaction represents the next natural step for us as a business.
“I believe this is absolutely the right move. Zensho recognises the value of the Snowfox Group’s highly attractive brands, our customer relationships and our diversified international presence.”
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Hodgson will continue to be a part of the business and closely coordinate with Zensho’s senior management.
The latest transaction will allow both companies to complement each other’s capabilities.
Through this transaction, Zensho also expects to leverage Snowfox’s international offerings to support its expansion beyond its domestic market in Japan.
Furthermore, Zensho will provide its Japanese expertise to improve Snowfox’s business, which will benefit the franchisees, employees, retailers and end customers.
Snowfox is a global sushi platform offering Japanese food under its four different brands: Snowfox, Bento, YO! and Taiko.
The company operates nearly 3,000 chef-operated sushi kiosks and restaurants across North America and the UK.
Zensho was founded in 1982 and is currently working to expand its global footprint.
Zensho’s portfolio of food businesses in Japan mainly includes Y100 sushi restaurant Hama-sushi, beef bowl restaurant Sukiya and family restaurant Coco’s.
Zensho also operates Sukiya and Hama-sushi in East Asia, Advanced Fresh Concepts in the US, and The Chicken Rice Shop in Malaysia.