Private equity firm ClearVue Partners has led a $10m funding round for Akasakatei to support the Chinese restaurant chain’s growth in Shanghai, Zhejiang, Jiangsu and Beijing.
Akasakatei plans to add 15 to 20 new restaurants this year, taking the total number of locations to more than 40.
The company noted that China’s restaurant industry has been growing at an annual rate of 19 per cent over the past decade compared with the retail sector’s average growth of 14 per cent.
The sector is expected to reach RMB4tn ($641bn) by 2015.
ClearVue managing partner Harry Hui said, “Chinese consumers are demanding higher quality food and more innovative dining experiences — and they are buying into brands with a strong profile and identity.
“Akasakate is the leading Japanese all-inclusive teppanyaki, BBQ and Japanese-cuisine brand in the full service dining segment.”
Earlier this year ClearVue closed its debut fund on its $262m hard cap.
The Shanghai-headquartered firm was targeting $200m and had gathered $140m by last August according to reports at the time.
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