PAG buys Japan restaurant business

The private equity firm will support Gyro’s growth strategy, which includes pursuing more bolt-on acquisitions. Hideki Nakamura, a board member, noted that Gyro's core strength is an ability to identify, acquire and integrate new companies and restaurants onto its platform.

In addition to izakaya-themed restaurants, the 15-year-old company covers café, beer garden, Japanese, Western, and high-end dining concepts. The likes of subLime, Partners Dining, TKS, Gyu no Tatsujin, and Egrant feature in its portfolio of brands, according to a statement.

“Gyro’s diverse and unique portfolio of specialty restaurant concepts and brands gives the company a solid base to capitalize on the post-COVID recovery, and the potential to scale both domestically and internationally,” said Koichi Ito, a managing director and co-head of Japan private equity at PAG.

The private equity firm is a frequent investor in the consumer sector, including food services. It currently owns Singapore-based multi-concept restaurant operator Paradise Group Holdings, cake retailer The Cheesecake Shop and fast-food franchisor Craveable Brands in Australia, and China-based tea shop chain Nayuki Tea.

Nayuki raised HK$5.09 billion ($656 million) through a Hong Kong IPO in June.

PAG has only one other active portfolio company in Japan, safety equipment manufacturer Joyson Safety Systems, formerly known as Takata. Joyson was jointly acquired alongside auto parts maker Key Safety Systems in a $1.6 billion deal in 2018.

The private equity firm closed its third pan-Asian PE fund at $6 billion in 2018. It recently returned to market with Fund IV.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• North Asia
• Consumer
• Buyouts
• Japan
• PAG