Yo! Sushi owner Snowfox sold to the Japanese food giant for a deal worth nearly half a billion pounds
The company behind restaurant chain Yo! Sushi has been bought by one of Japan’s largest food companies in a deal worth nearly half a billion pounds.
Mayfair Equity Partners said it sold its stake in Snowfox Group to Zensho Holdings for £495 million ($621 million).
The deal will give the Japanese giant a company that owns several brands in the UK, US and Canada.
Takeaway: Mayfair Equity Partners said it is selling its interest in Yo! Sushi owner Snowfox Group for £495 million to Japanese food giant Zensho Holdings
In the UK it runs Yo! Sushi, with over 100 outlets in the country, and Taiko, which produces Japanese food for UK supermarkets.
In the US, the company founded the Snowfox chain of sushi kiosks in 2005 and has expanded it to more than 1,000 supermarket, wholesale, workshop and university locations in 25 states across the country.
In Canada, the company runs Bento, which it claims is the second largest sushi brand in North America and the largest in Canada.
Snowfox CEO Richard Hodgson said: “This is an exciting time for the Snowfox Group, and after seven successful years in the hands of Mayfair Equity Partners, this proposed transaction represents the next natural step for us as a company.
“I believe this is absolutely the right move. Zensho recognizes the value of Snowfox’s highly compelling brands, our customer relationships and our diversified international presence.”