Why this business, why now.
A profitable, category-leading, founder-led F&B brand at inflection: proven unit economics, international runway, and documented systems ready for scale capital or full acquisition.
Five reasons this is a rare opportunity.
21% EBITDA today. Ghost-kitchen units hit 34% EBITDA. Franchise margin at 62%.
The dominant premium cheese-fries brand in APAC. Cultural and media flywheel already spinning.
184-page franchise manual, 377 knowledge assets. Not a founder-dependent business.
22 unsolicited master-franchise inquiries. Demand exceeds current operating capacity.
Strategic (F&B multinational), financial (PE roll-up), IPO-viable at ¥15B revenue.
Kenji staying on 3-yr transition. Founder-led transfer with HRTG-managed handover.
The bull case, in one page.
1. Category creation. Arigato didn't enter the cheese-fries market — it defined the premium sub-segment. Category leaders in F&B compound value slowly, then all at once.
2. Unit economics that widen with scale. Contribution margin improves from 42% (flagship) to 58% (ghost kitchen). Every new format opened is more profitable than the last.
3. Documentable moat. The franchise manual, IP registry, and training system are the actual asset. Recipes are the theatre — systems are the compound interest.
4. Distribution optionality. Dine-in, kiosk, ghost-kitchen, franchise, frozen retail, CPG, brand licensing. Multiple ways to monetise the same brand equity.
5. Founder built for handover. The business was designed from day one to be transferred. This portal is the proof.
Five ways to partner with Arigato.
From light-touch collaboration to full stewardship — each path is structured, documented, and ready for diligence.
Strategic Partnership
Co-develop the Arigato brand alongside a category-adjacent operator — retail, hospitality, or lifestyle — without transfer of ownership.
- Potential Structure
- Multi-year commercial agreement, shared marketing budget, co-branded outlets or SKUs. No equity change; revenue-share on partnership units.
- Strategic Rationale
- Unlocks distribution, real estate, or media reach that would take years to build organically. Founder and team remain in full operational control.
- Future Vision
- By year three: 40+ co-branded touchpoints across the partner network, a joint innovation kitchen, and a shared loyalty programme spanning both brands.
Minority Investment
Growth capital from a strategic or financial investor taking a 15–30% stake, with the founder retaining majority control.
- Potential Structure
- ¥800M–¥1.5B primary raise. Board observer or single board seat. Standard preferred terms; 3–5 year hold. Founder remains CEO.
- Strategic Rationale
- Funds two commissaries, franchise team scale-up, and the USA + UK master-licence launches without ceding brand stewardship or long-range vision.
- Future Vision
- Base-case 3.8× MOIC, 29% IRR at year five, with a natural secondary or IPO window as the network crosses 120 stores.
Majority Investment
Control-stake acquisition (51–80%) by a strategic buyer or private-equity platform, with the founder rolling meaningful equity into the go-forward company.
- Potential Structure
- Cash-and-roll transaction. Founder retains 20–35% equity plus a 3-year advisory role. Full transfer of operating systems, IP registry, and franchise manual.
- Strategic Rationale
- Delivers founder liquidity while preserving continuity. New owner inherits a fully documented, category-leading business rather than a founder-dependent one.
- Future Vision
- Anchor asset for a regional premium F&B platform. Roll-up potential across adjacent categories, targeting ¥15B revenue and IPO-viability within five years.
Joint Venture
Territory-specific vehicle co-owned with a regional master partner to accelerate market entry into North America, EMEA, or ASEAN.
- Potential Structure
- Newly-formed JV entity, typically 50/50 or 60/40. Arigato contributes brand, IP, and SOPs; partner contributes capital, real estate, and local operations.
- Strategic Rationale
- De-risks international expansion by pairing brand equity with proven on-the-ground operators. Preserves quality control through licensed SOP handover.
- Future Vision
- Three regional JVs live by year four, each operating 25–40 outlets under a unified brand standard governed by HRTG-managed knowledge transfer.
Full Acquisition
100% acquisition by a strategic F&B group, hospitality holding, or PE platform seeking a category-defining premium concept.
- Potential Structure
- All-cash or cash-plus-earnout. Founder transitions over 12–36 months. HRTG-managed handover of every operating asset, document, and relationship.
- Strategic Rationale
- Clean exit with maximum valuation. Buyer receives a turn-key, systematised business with international runway and multiple monetisation channels.
- Future Vision
- Under the right steward, Arigato scales to 240+ outlets by year five, becoming the definitive premium cheese-fries brand across four continents.
Swipe to explore all five options
FY25 · headline numbers.
How capital compounds from here.
Systems investment. Two commissaries. Franchise team scale-up.
USA + UK master licenses. Frozen retail launch in 3 new markets.
120 stores. Category-adjacent SKUs. Brand-license flywheel.
240 stores. IPO-viable or strategic acquisition window opens.
What ¥1B of capital does.
¥6.2B strategic sale at yr 5
¥9.8B strategic / IPO at yr 5
¥14.4B IPO at yr 5
Three viable paths, none rushed.
Global F&B majors (Doutor, Toridoll, Yum!, Restaurant Brands Intl.) actively acquiring premium APAC concepts. Precedent multiples: 12-16× EBITDA.
Regional PE forming APAC premium F&B platforms. Arigato is a natural anchor asset for a platform play.
Tokyo Growth (formerly Mothers) viable at ¥15B revenue. Kotra, TSE Standard as secondary paths.