YO! Sushi owner scouting for potential buyout bidders as IPO talks swirl
YO! Sushi owner Snowfox Group has reportedly asked advisers to look into potential bidders following a series of advances.
The Japanese food group is looking to jumpstart takeover talks, Sky News first reported, as talks of going public swirl.
“Advisers continue to work on an IPO concurrently, but inbound interest from Asian and North American strategics has instigated a dual-track process,” a source close to the matter told Sky News’ Mark Kleinman.
The firms that have reach out to Snowfox in regards to a buyout are not yet known.
The group had been knocked by the pandemic, as emergency pandemic restrictions saw eating out severely curbed, which spelled bad news for the hospitality sector.
However, YO!’s pandemic-induced restructuring – along with a US retail deal – has kept the Japanese food chain afloat during the challenging trading period.
Snowfox Group declined to comment.