Japanese foodservice company Zensho Holdings has acquired local food business The Snowfox Group for $621 million from Mayfair Equity Partners.
Snowfox is a global sushi platform that offers Japanese food under its four brands: Snowfox, Bento, Taiko and YO!. The company manages around 3,000 sushi kiosks and other restaurants in the UK and North America.
Snowfox’s global portfolio will support Zensho’s ambitions outside of its native Japanese market. According to Snowfox, Zensho will use its Japanese background to help the business, benefiting employees, franchisees, retailers and customers. Snowfox’s leadership team, including CEO Richard Hodgson, will remain with the business.
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…brands, our customer relationships and our diversified international presence. Above all – it is testament to the quality, authenticity and breadth of our Japanese food offer that a Japanese food business of Zensho’s calibre wants us to join them.”
Waqqas Ahmad, partner at Mayfair Equity Partners, commented: “The fact that Zensho, a leading Japanese food conglomerate, is welcoming Snowfox to their group reflects the quality of the Japanese food business Snowfox has built. Richard and the whole Snowfox team have served customers exceptionally well over the last seven years, driven by a clear vision of continuous innovation and ensuring the highest quality products…As part of Zensho, Snowfox will be primed to reach more customers than ever before.”
The terms of the transaction are yet to be confirmed, and completion remains subject to customary closing conditions.
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