Private equity firm Longreach may sell stake in Wendy’s First Kitchen
Asian private equity firm Longreach Group is considering selling its majority stake in the hamburger chain Wendy’s First Kitchen in Japan, people familiar with the matter have said.Longreach has hired a financial adviser and is seeking potential buyers, the people said, asking not to be identified as the discussions are private. The company bought Wendy’s Japan shares in 2016, also taking control of Wendy’s unit First Kitchen.Japan’s hamburger chain market is expanding thanks to Burger King’s aggressive store-opening strategy and limited price increases that have retained consumers in an inflationary economy. The nation’s fast-food market will likely nearly double to $104.1 billion by 2033 from $58.6 billion in 2024, research firm Imarc Group predicts.
