Delays in M&A Closing Timelines Due to COVID-19

「Revenue stagnated because transfers involving relatively small individual restaurant units were not closing.」

「Revenue stagnated in the first and third quarters as the lead time to closing transactions lengthened, but in the second and fourth quarters, delayed transactions were steadily closed, resulting in substantial revenue growth.」

「Revenue stagnated in the first and third quarters as the lead time to closing transactions lengthened, but in the second and fourth quarters, delayed transactions were steadily closed, resulting in substantial revenue growth.」

「Revenue increased as small and medium-sized M&A transactions progressed steadily to completion and transfers of restaurants with fixtures in place also progressed to completion.」

「The number of sale inquiries remained high in both M&A brokerage and transfers of restaurants with fixtures in place. Although completion progress varied by transaction size, revenue increased.」

「The number of transactions brought to market remained high in both M&A brokerage and transfers of restaurants with fixtures in place, but revenue in M&A brokerage remained below expectations due to delayed completion dates.」

「M&A brokerage completions progressed smoothly, including transactions whose transfer dates had been postponed during the first half.」

「Revenue growth in M&A brokerage was somewhat sluggish, partly because transactions whose transfer dates had been postponed during the first quarter of the consolidated accounting period remained only partially completed.」

「Although the number of transactions brought to market remained high in both M&A brokerage and transfers of restaurants with fixtures in place, postponed transfer dates in M&A brokerage caused revenue growth to stall.」

「Transactions whose transfer dates had been postponed since the third quarter have been completed, while transfers of restaurants with fixtures in place have also been progressing smoothly.」

「As in the second quarter, the number of sale transactions remained high in both M&A brokerage and transfers of restaurants with fixtures in place. In M&A brokerage, transfer dates were postponed and the lead time until completion was prolonged, while transfers of restaurants with fixtures in place continued to close smoothly.」

「As in the first quarter, the number of sale transactions remained firm in both M&A brokerage and transfers of restaurants with fixtures in place. The number of completed transactions also progressed steadily, partly because transactions whose transfer dates had been postponed proceeded to completion.」

「The number of completed transactions remained below plan because progress on some transactions stalled and their transfer dates were postponed.」

「Meanwhile, in M&A brokerage, average transaction values have increased for typical M&A transactions as the advisory structure has been strengthened and become more established.」

「The temporary suspension of public support such as cooperation payments following the lifting of the state of emergency contributed to an increase in the number of sale transactions in both M&A brokerage and transfers of restaurants with fixtures in place.」

「For M&A brokerage transactions of typical size, the number of completed transactions is increasing as the advisory structure is strengthened and becomes more established. For smaller M&A brokerage transactions and transfers of restaurants with fixtures in place, however, sellers' willingness to sell remains subdued, partly due to the impact of public support such as cooperation payments.」

「In both M&A brokerage and transfers of restaurants with fixtures in place, buyers in the restaurant industry remain cautious and transaction completion periods continue to be prolonged, with no major change in these trends. However, the accumulated transaction pipeline progressed, and the number of completed transactions began to recover.」

「In M&A brokerage, restaurant companies on the buyer side became cautious after the second declaration of a state of emergency, and the time required to complete transactions has tended to lengthen. In transfers of restaurants with fixtures in place, public support such as grants and subsidies has subdued sellers' willingness to sell, and the number of sale inquiries has been trending downward.」

「The completion of small and medium-sized transactions has progressed, partly because buyers in the restaurant industry have become somewhat less cautious.」

「The number of inquiries from restaurants seeking to sell remained firm, partly due to the mass withdrawal of restaurants by major restaurant companies. However, buyers' cautious stance led to postponed closing dates for multiple transactions. Meanwhile, the completion of relatively small transactions has progressed since the latter half of the second quarter.」

「Although the number of inquiries from restaurants seeking to sell remained firm, the timing of buyers' decisions became uncertain due to the impact of COVID-19, resulting in an increase in cases where closing dates were postponed.」