Japan’s Genki Global Dining Concepts is set to acquire Food Odyssey, which operates around 180 Sushi Sushi restaurants in Australia.
The financial details of the transaction were not disclosed.
Following completion, Food Odyssey will operate as a subsidiary of Genki Global Dining Concepts.
In a statement, Genki Global Dining Concepts said: “This transaction is part of an effort to position the ever-growing overseas Japanese food and sushi market as the core of a medium- to long-term growth strategy, with an eye on the maturation of the domestic market.
“Going forward, the company's long-term goal is to become one of the world's leading Japanese sushi brands in terms of store numbers, and to become one of the world's leading QSR [quick service restaurant] brands.”
Founded in 1968, Genki Global Dining Concepts runs several sushi restaurant brands internationally, including Genki Sushi, Senry and Uobei.
The group operates more than 430 stores across 14 countries, including China, Hong Kong, Indonesia, Kuwait, the Philippines, and the US.
Sushi Sushi's CEO Stephen Anders confirmed the sale in a LinkedIn post and said the move would support the brand’s growth plans in Australia and abroad.
He said: “Seven years in this business have reinforced what it takes to transform a network of retail outlets into a cohesive, high-performing growth platform.
“It requires a clear, disciplined growth strategy, inspiring retail environments, technology that simplifies the customer journey and insights that drive continuous improvement. I’m incredibly proud of the category-leading business we’ve built.”
