News Release

Carlyle completes tender offer for KFC Japan

Tokyo, Japan – July 10, 2024 – Global investment firm Carlyle (NASDAQ: CG) today announced the completion of its tender offer to acquire shares in KFC Holdings Japan (“KFC Japan”). As a result of this transaction, the subsequent squeeze-out process, and the share repurchase from Mitsubishi Corporation, Carlyle will privatize KFC Japan and own 100% of the company by late September 2024.

KFC Japan operates the country’s Kentucky Fried Chicken restaurants under a master franchise agreement with Yum! Brands, the world’s largest restaurant chain company with more than 55,000 restaurants. 

Leveraging the firm’s significant expertise in the restaurant, food and consumer space, Carlyle was attracted to KFC Japan given its strong brand and heritage, as well as the platform’s potential for further growth. Carlyle will work with KFC Japan’s management team to accelerate new store openings, introduce menu enhancements, and invest in digital innovation to improve the customer journey. 

Takaomi Tomioka, Co-Head of Carlyle Japan, said: "We are delighted that many shareholders have accepted the tender offer. Carlyle is excited to partner with Yum! Brands and the KFC Japan team to grow this iconic brand while ensuring customers continue to enjoy the high-quality products and good service that they have come to love and expect.” 

Richard Wallis, Managing Director of KFC Asia Pacific, Yum! Brands, said: "We’re excited to work with the Carlyle team who have an exceptional track record of operating global franchise businesses in the quick-service restaurant (“QSR”) sector and are committed to unlocking further growth for KFC in Japan.”

Carlyle’s Japan buyout platform has invested more than 450 billion yen across approximately 40 private equity investments since 2000. This well-established history of investing in Japanese portfolio companies and track record of delivering business transformation and sustainable growth has helped contribute to the local economy.

Carlyle has extensive investment experience in the restaurant, food and consumer sectors, including QSR franchises, both globally and in Asia. Japanese businesses that Carlyle has backed in this space include restaurant chain operator Chimney, snack manufacturer Oyatsu Company, and beer producer Orion Breweries.



About Carlyle 

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $425 billion of assets under management as of March 31, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 28 offices across four continents. Further information is available at For more, follow Carlyle on X and LinkedIn.


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