(Yicai Global) May 17 -- Toridoll, parent company of popular Japanese restaurant brand Marukame Udon, is looking to expand its market share in China through a buyout of a Hong Kong-based rice noodle restaurant chain, reported Jiemian.com.
Its wholly-owned subsidiary, Toridoll Holdings Corporation, will acquire a 100 percent stake in Jointed-Heart Catering Holdings Ltd., owner of Tam's Yunnan Rice Noodle, the company confirmed in a recent statement, adding that it also plans to open more stores in the Chinese mainland in future.
The buyout is priced by a third-party agency, Toridoll said. The market observers estimate the price to be around JPY15 billion (USD130 million), making it the largest acquisition in the history of the Japanese catering corporation.
Public information shows Toridoll Holdings operates some 890 stores in Japan and 340 in other countries, including nearly 60 Marukame Udon stores in China.
Instead of acquiring local businesses, most Japanese restaurant companies enter foreign markets by opening their own branches there. However, the situation has changed in recent years as Japanese consortiums became increasingly interested in Hong Kong catering businesses as a springboard for penetrating the mainland Chinese market.