YO! owner bought by Japanese foodservice company Zensho Holdings

The deal will see Mayfair Equity Partners – backers of Snowfox – fully exit the business.

Snowfox’s leadership team, including CEO Richard Hodgson, will remain with the business to work closely with Zensho’s senior management.

International omnichannel Japanese food business Snowfox operates its global sushi business across four brands: Snowfox, Bento, Taiko and YO! in the UK and North America.

It operates approximately 3,000 chef-operated sushi kiosks and restaurants in North America and the UK, as well as a sushi manufacturer and wholesaler.

Mayfair first invested in Japanese fast casual restaurant group YO! in 2015 and helped complete its first international transaction in 2017 when it acquired Bento.

Following the Bento acquisition, YO! acquired Taiko, a leading supplier of sushi products to the supermarket sector, in 2018. At this point, the natural expansion of the business was into the United States through which it gained access through a merger with Snowfox in 2019. Following these transactions and under the leadership of Richard Hodgson, the Snowfox Group was created in 2021.

Zensho is leading Japanese food group and is the largest foodservice company in Japan by sales. The company operates a diverse portfolio of businesses, including the beef bowl restaurant Sukiya, the 100 yen sushi restaurant Hama-sushi, and the family restaurant Coco’s, as well as retail and nursing care businesses.

Outside Japan, the company also operates Sukiya, Hama-sushi mainly in East Asia, Advanced Fresh Concepts (AFC) mainly in the US, and The Chicken Rice Shop (TCRS), which operates halal-certified chicken rice shops in Malaysia.

'Natural step' as a business

 “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," says Richard Hodgson, CEO at Snowfox.

“I have been hugely impressed by Zensho during my recent meetings with them, and they share our own ambition of providing the highest quality, most authentic Japanese food at the best possible value.

“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. 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"

The combination of Zensho and Snowfox’s capabilities represent a highly complementary proposition, according to an official announcement on the deal, with Snowfox’s diversified international offering to support Zensho’s ambitions to expand outside its home market of Japan with Zensho able to bring its Japanese heritage and expertise to Snowfox.

“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," says Waqqas Ahma, partner at Mayfair Equity Partners.

“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. It has been a pleasure to be their partner, providing specialist support to diversify their business and grow internationally. As part of Zensho, Snowfox will be primed to reach more customers than ever before.”