USA – Yoshiharu Global, the US-based restaurant operator, has concluded the acquisition of three Las Vegas, Nevada eateries from an undisclosed seller.
As part of the US$3.6 million deal, first announced in November 2023, Yoshiharu Global has acquired the Jjanga, HJH and Ramen Aku restaurants.
The purchase was made using cash, a promissory note and a convertible note. The convertible note allows the seller to choose to convert the debt into Class A shares of Yoshiharu Global.
The seller has entered an employment agreement to manage each of the newly acquired restaurants, which are expected to generate annual revenues of US$6 million in 2024, according to Yoshiharu president, CEO and board chairman James Chae.
“We eagerly anticipate leveraging the financial success seen with these stores to further expand the Yoshiharu brand into a new state,” Chae said.
“Through this strategic acquisition, we anticipate breaking even in the second half of 2024 and becoming profitable in 2025.”
California-based Yoshiharu, which specialises in authentic Japanese ramen, now owns and operates 11 restaurants.
At the time of announcing the deal in 2023, Yoshiharu planned four new restaurants by the first quarter of 2024 and expected growth of more than 80% in annual revenues from the newly opened establishments and acquisitions.
In April 2023, Yoshiharu Global introduced a new dining concept called Yoshiharu Ramen & Izakaya at its La Mirada location in California.
The new concept features a variety of ramen dishes and a selection of Izakaya dishes, along with alcoholic beverages such as Sake, Shochu and Chu-Hi.
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