The casual-dining restaurant takes control of its U.S. operations
Wagamama, a casual-dining chain serving ramen and other Asian cuisine, announced on Thursday that it had acquired the remaining 80% of its joint venture partnership from Conversion Venture Capital (CVC2), thus taking full control of its U.S. operations.
The joint venture with CVC2, which has been 80/20 since its inception, began in early 2020 as Wagamama was expanding in the U.S. The chain now has eight U.S. locations in New York City, Boston, Tampa, Fla., Dallas, and Arlington, Va. The Virginia location — which opened in August — is the latest.
“The U.S. is an exciting growth market for Wagamama and we are looking forward to expanding our popular concept into new locations across the country,” Wagamama CEO Thomas Heier said in a statement. “We want to thank the CVC2 group for setting the foundations for growth and are confident that our innovative menu and unique culture will resonate with customers as we expand the offer in the United States.”
According to the statement, “the experience with CVC2 has been invaluable for Wagamama as it adapted positioning in the U.S. market, with good progress made in spite of the challenges brought about by COVID.”
Wagamama launched in London in 1992 and first came to the U.S. in 2007 with one Boston location. It is part of The Restaurant Group, which has been owned by Apollo Global Management since December 2023.
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