The ONE Group, the Denver-based parent company of STK Steakhouse and Kona Grill, announced its plans to acquire Benihana and RA Sushi parent Safflower Holdings Corp. Business Den reports that the nine-figure deal will double the brand’s portfolio.
Benihana, a renowned Japanese restaurant brand known for its teppanyaki-style cooking, was founded in 1964 and operates 88 company-owned locations across the U.S. and 17 franchised locations. RA Sushi features creative sushi and Japanese dishes in a vibrant dining atmosphere, with 17 locations across nine states.
This $365 million acquisition will expand The ONE Group’s reach and revenue significantly. Reports say the transaction is projected to increase the brand’s annual earnings by $575 million. The restaurant group anticipates the deal will close by the end of the second quarter of 2024, financed through $160 million in preferred equity as well as a loan.
The hospitality business, which was founded in 2004, will now have 168 establishments on its roster. It plans to continue expansion of these chains alongside its existing companies, adding three to five restaurants for each brand annually.
