House Foods Group announced that it is considering selling its stake in ICHIBANYA. The move is reportedly part of a review of the capital relationship aimed at unwinding the parent-subsidiary listing structure. ICHIBANYA is the subsidiary that operates CoCo Ichibanya, and its market capitalisation is reportedly approximately ¥180 billion.
On 31 August, House Foods Group announced that it was considering "all options, including taking ICHIBANYA private." The aim is to increase corporate and shareholder value, with unwinding the parent-subsidiary listing structure believed to be the primary objective.
ICHIBANYA has established a dominant position in the curry-chain market and has achieved higher revenue for 5 consecutive fiscal years. Full-year results for the fiscal year ending February 2027 are also expected to show higher revenue, but some commentators say the industry response to reports that the company is being put up for sale has been measured.
According to market participants, ICHIBANYA's market capitalisation is approximately ¥180 billion, while the total acquisition price is expected to exceed ¥200 billion. Some believe that only major foreign companies with substantial financial resources would be able to pursue the acquisition, while others point out that the business model would be difficult for major food-service companies to acquire.
The background to the food-service industry's response, the prospects for the sale and future developments are scheduled to be analysed in detail on the next page.