The Grocer’s 2023 “Achievement of the Year”

The Snowfox Group has established itself as a highly reputable global sushi platform, fulfilling increased consumer demand for Japanese food across its four distinct brands – Snowfox, Bento, Taiko and YO! in North America and the United Kingdom. The Group provides consumers with high quality, convenient and affordable Japanese food and operates approximately 3,000 chef-operated sushi kiosks and other restaurants in North America and the UK, as well as being a sushi manufacturer and wholesaler.

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Spayne Lindsay is pleased to have advised Mayfair Equity Partners LLP from start to finish of their investment journey, having advised on the initial acquisition of YO! Sushi, the UK‐focused sushi restaurant business known for its innovative conveyor belt and an iconic consumer brand in 2015, as well as the subsequent acquisitions of Bento Sushi (2017) and SNOWFOX® (JFE Franchising, Inc.) (2019) that formed key parts of the successful buy & build strategy, through to the ultimate exit to a highly strategic international trade buyer.

Spayne Lindsay is delighted to announce that it has advised YO! Sushi, the UK’s leading fast casual Japanese restaurant group, on its acquisition of Bento Sushi, the largest sushi company in Canada. YO! Sushi is backed by Mayfair Equity Partners.

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Bento Sushi started business in 1996 in downtown Toronto as a small takeaway shop selling sushi, bento boxes and other ready-to-eat foods. A rapid expansion followed and continues to this day, transforming Bento Sushi into the largest sushi company in Canada with over 540 locations spread across all ten provinces and several states in the United States. The business now operates on-site sushi kiosks in grocery retail locations, QSR restaurants in food courts, shopping malls, offices and high-street locations and also operates a pre-packaged sushi commissary model served by its own manufacturing supply chain.

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Bento Sushi serves more than 20 million sushi customers every year from more than 1,800 locations selling bento products. Bento Sushi has recently launched the Bento Kitchen concept in select locations – a whole new product line focusing on traditional Japanese entrées made hot and fresh to order.

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The acquisition of Bento Sushi provides YO! Sushi enhanced scale and expertise in North America across a variety of sushi formats.

Spayne Lindsay is delighted to announce that it has advised Mayfair Equity Partners (“Mayfair”) on the acquisition of YO! Sushi, the leading Japanese fast-casual dining concept, valuing the business for £81 million.

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YO! Sushi operates 75 owned restaurants in the UK, five owned restaurants in the US, and has 13 franchise sites in the Middle East and Europe. The business, which has a turnover of approximately £85 million, offers a differentiated proposition consisting of its unique ‘kaiten’ conveyor belt system with a theatre-style kitchen.

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Since its inception in 1997, the business has evolved from a niche concept into one of the most recognisable brands in the UK. Mayfair’s investment will provide additional capital to support YO! Sushi’s plans for ongoing site roll-out in the UK and internationally, including the continued development of the concept in the US market.