Two of Japan’s biggest sushi restaurant chains said Friday they are in merger talks in a bid to beat the competition and speed up expansion overseas. The parent company of Genki Sushi Co, Japan’s fifth largest conveyor belt sushi chain, will acquire a 32.72…
Two of Japan’s biggest sushi restaurant chains said Friday they are in merger talks in a bid to beat the competition and speed up expansion overseas.
The parent company of Genki Sushi Co, Japan’s fifth largest conveyor belt sushi chain, will acquire a 32.72 percent stake in Sushiro Global Holdings Ltd, which owns the No. 1 sushi chain, from a private equity firm for roughly 38 billion yen ($340 million) by mid-November.
Sushiro, operating under the Akindo Sushiro brand, runs some 470 restaurants, most of them within Japan. Genki Sushi has about 300 restaurants, the majority overseas including in the United States and China.
Their combined revenue totals around 180 billion yen, about a third greater than closest rival Kura Corp’s sales of 113.
