Japan-based staffing firm Fullcast Holdings announced it acquired all shares of Globeat Co., Ltd., a restaurant chain.

The price of the transaction is approximately JPY 8.01 billion (USD 55.6 million). The deal was completed on 23 June 2023.

Globeat has been in business for 29 years and has 199 stores in Japan, including directly managed/franchised stores (as of the end of April 2023). It also has locations in Shanghai, Taiwan, and Thailand.

The restaurant chain operator, which specialises in ramen, said it is also expanding overseas and focusing on new products while holding the core popular products.

The company said it plans to break away from family management, improve its credibility as an affiliated company of a listed company, and expand its management base.

Globeat’s current executives will remain as management after the acquisition.

Fullcast said the acquisition will not have an impact on its financial forecast.

Last month Fullcast Holdings reported revenue of JPY 15.96 billion (USD 118.4 million) for the first quarter ended 31 March 2023, a 4.5% increase compared to last year.