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STK and Benihana to Become Sibling Concepts

Multiconcept operator The ONE Group Hospitality continues to add to its restaurant portfolio.

The company inked a deal to acquire the parent company of Benihana and RA Sushi. This deal comes on the heels of The ONE Group unveiling plans to open Saltwater Social, a seafood concept that mirrors its STK steakhouse chain.

The deal is valued at $365 million, per a release. The ONE Group expects this transaction to close by the end of the second quarter of 2024.

Benihana has 88 company-owned restaurants and franchises or licenses an additional 17 locations in the Americas, the release added. The ONE Group expects this deal will add approximately $575 million in annual revenue to the company.