Yo! Sushi owner sold to Japanese investor group for £485m

The Snowfox Group, owner of Yo! Sushi, has agreed a deal to be acquired by Japanese investor group Zensho Holdings for $621m (£485m).

As a result of the agreement Mayfair Equity Partners will fully exit Snowfox after first investing in Yo! in 2015.

The terms of transaction are to be confirmed and completion remains subject to customary closing conditions.

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

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 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.”

Waqqas Ahmad, partner at Mayfair, added: “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.

“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.”

Founded in 1982, Zensho is a leading Japanese food group and is the number one food service company in Japan by sales.