The ONE Group Hospitality, Inc., to Acquire Safflower Holdings Corp., Benihana Owner

Stoel Rives congratulates client The ONE Group Hospitality, Inc. (NASDAQ: STKS) on entering into an agreement to acquire Safflower Holdings Corp., the beneficial owner of most of the Benihana restaurants, as well as all of the RA Sushi restaurants, in the United States and the franchisor of Benihana locations in the U.S., Latin America (excluding Mexico) and the Caribbean. The deal’s value is $365 million, which will be financed with $160 million in equity financing with investment funds and a portion of a $390 million debt financing with a syndication of lenders. The transaction is expected to close in the second quarter of 2024.

The ONE Group is a global hospitality company that develops and operates upscale, high-energy restaurants and lounges and provides hospitality management services for hotels, casinos, and other high-end venues nationally and internationally. Upon closing the transaction, The ONE Group will have a global footprint of 168 venues.

Stoel Rives partners Steve Hull led the acquisition, Will Goodling the equity financing, and Kris Russell the debt financing. Other deal team members included Kevin Burnett, Chris Heuer, Jennifer Johnson, John Kaplan, Steve Moore, Timothy Snider, Kasey Lundberg, Tyler Runsten, Justin Sedor, Derek Zha, and others.

For more on the deal, see a Business Wire press release.