Benihana, the US chain of Japanese theme and sushi restaurants, has been acquired by funds advised by the private equity group of Angelo Gordon. 

Each outstanding share of Benihana common stock was acquired for USD16.30 per share in cash, valuing the acquisition at approximately USD295m. 

The company is now a privately-held company and will no longer be listed on the Nasdaq national market.

Richard Stockinger, Benihana’s president and chief executive officer, says: “We are extremely pleased that our stockholders approved the acquisition at a compelling cash price per share. The Benihana management team is excited to have access to the substantial resources of Angelo Gordon as we work to build on the recent successes of our three brands. We are energised by our plans to accelerate new unit growth, enabling us to take the outstanding food and unique dining experience of our Benihana Teppanyaki, RA Sushi and Haru concepts to more and more guests.”

“The iconic nature of the Benihana brand and the excellent positioning of RA Sushi and Haru in the expanding Japanese cuisine and sushi categories are what interested us in the company,” says Richard Leonard, a managing director at Angelo Gordon. “Richard Stockinger and the management team have led an impressive turnaround in all areas of the company in the last three years, and we believe the brands are now well prepared for substantial unit growth.”