The Longreach Group, a private equity investment firm based in Hong Kong and Tokyo, said Wednesday that it acquired a 24.98 percent stake of McDonald's Holdings Co. (Japan) from the family of Den Fujita, the late founder of the burger chain's Japanese unit.
Longreach declined to disclose the terms of the transaction, including how much it paid to the Fujita family. It said it has no plans to participate in the management of the fast-food operation.
In a separate statement, McDonald's Japan said it was told by Longreach that the acquisition is "pure investment" and does not expect any significant impact on its business.
Fujita, who started the hamburger restaurant business in early 1970 and made it the major chain, passed away in April last year. His family owned some 26 percent of the company.
Since Fujita's death, the family has been looking for ways to sell the stake "to move forward to pursue new business interests," Longreach said in the statement.
McDonald's Corp. of the U.S., which has a 49.9 percent stake, has preferred right to buy Fujita's stake, but it passed over the opportunity.
Longreach said its primary focus is in Japan and other parts of Asia. Its chairman, Mark Chiba, is a former CEO of UBS Securities Japan Ltd.
Douglas Daft, former CEO of the Coca-Cola Co., serves on its advisory board.