Polaris pays $86m for Japanese all-you-can-eat chain

Financial details were not disclosed but local media put the deal value at around JPY9 billion ($86 million).

Polaris acquired the shares from the current shareholders including the founder's family. The investment was made via Polaris Private Equity Fund III, a JPY20 billion fund launched in 2011.

Established in 1978 under the name Sutamina Taro, Tokyo-based Edoichi claims to have been the first Japanese buffet to offer both sushi and Japanese barbecue. The chain has expanded its outlets over the years - mainly located on roadsides - and more recently launched a new brand called Sutamina Taro NEXT, which targets railway station locations.

With 156 outlets nationwide, Edoichi claims to be the largest buffet restaurant chain in the country. Accordingto its website, the company has around 300 full-time staff, 5,000 part-time staff and JPY50 million in capital.

According to a release, Polaris intends to leverage its previous experience to expand the business. The GP will also appoint several directors to the company's board and will offer further capital to support growth.

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