Japanese trading house Sojitz said Tuesday it has acquired Sushi Avenue’s sushi takeout business in the United States for an undisclosed sum, part of a push to expand its seafood business.
Sojitz aims to increase annual net profit from fishing activities from ¥1.2 billion in the year ended March 2024 to ¥4 billion ($26 million) in the year to March 2027.
“We are taking on the challenge of becoming the world’s largest differentiated marine products group, with a strong focus on tuna and sushi products,” Chief Financial Officer Makoto Shibuya told reporters.
“We want to increase the profitability of domestic fishing activities and strengthen initiatives in growing overseas markets,” he said.
According to Sojitz, the U.S. sushi market has grown to nearly 1.6 times the size of the Japanese market, with favorites like California rolls becoming a staple of American cuisine and nigiri sushi is becoming more and more popular.
Shibuya said the purchase price was several billion yen, without giving an exact amount.
Sushi Avenue operates a sushi-pickup convenience store business with more than 300 locations throughout the Midwest and the United States.
By entering the United States, Sojitz aims to leverage the purchasing and product development expertise of its Japanese seafood company.
Japanese trading houses are investing in the fish sector. Mitsubishi Corp. owns a Norwegian salmon producer and Mitsui & Co. has a stake in an Ecuadorian shrimp farm.
When asked whether Sojitz would also invest in salmon farming, Shibuya replied that this would be possible if there was a good opportunity.
Sojitz reported a 4.1% increase in net profit for the April-June quarter to ¥23.04 billion and stuck to its full-year profit forecast of ¥110 billion.
The company plans to exit its Philippine automotive business by the end of this year due to disappointing performance amid fierce competition.
