Bain Capital's appetite for fast-food pizza has not subsided: the private equity firm will take over the Japanese franchise of Domino's Pizza. Boston-headquartered Bain still retains a minority stake in the US operations of Domino's, which it had purchased in 1998 and then floated on the New York Stock Exchange in 2004.
Bain will pay an undisclosed sum to acquire the franchisee, Higa Industries, from founder Ernest Higa along wtih Japanese conglomerate Duskin and investment firm Daiwa SMBC Capital. Duskin is selling its 44 percent state in Higa Industries for ¥2.64 billion ($29 million; €21 million), which values the company at approximately ¥6 billion, according to Reuters.
The transaction is expected to close on 1 February, according to a Bain spokesman. Japan’s Bank of Tokyo Mitsubishi UFJ has committed an undisclosed amount financing for the deal, he added.
Higa Industries has had an exclusive master franchise agreement with the pizza chain for the past 25 years, making Domino’s Japan’s first pizza delivery chain. Currently, the company manages 179 Domino’s stores across the country
Aside from Domino’s, Bain has backed a number of casual dining and fast-food restaurant chains, including Outback Steakhouse, Roy's, Dunkin' Donuts and Burger King.
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