In a major move, KKR is selling Seiyu, a leading Japanese supermarket chain, to Trial Holdings, marking a new chapter for the retailer. “This transaction marks a strategic exit for KKR, following a period of transformation that has positioned Seiyu for continued success.
KKR first acquired a majority stake in Seiyu from Walmart in 2021, expanding its ownership to 85% after purchasing an additional stake from Rakuten in 2023. As part of this deal, Walmart will also sell its remaining 15% stake to Trial Holdings, fully exiting its investment in the supermarket chain.
Under KKR’s ownership, Seiyu underwent significant improvements aimed at enhancing operational efficiency, product quality, and customer experience. These efforts included optimizing product offerings, especially in fresh produce and in-house brands, and implementing technological solutions like self-checkout systems. Additionally, Seiyu transitioned from a general merchandise store format to a more focused supermarket model, which has improved its competitive standing.
Hiro Hirano, Deputy Executive Chairman of KKR Asia Pacific and CEO of KKR Japan, said, “We are incredibly proud of what we have achieved with Seiyu and our strategic partners Walmart and Rakuten over the course of our ownership, and how this has delivered tremendously for Seiyu’s customers and our investors. Seiyu serves as an outstanding example of how global investors with deep local knowledge, global connectivity and know-how can help iconic Japanese brands and local champions unlock their full potential. We are confident that Seiyu is well-placed to build on its achievements and wish the company and Trial continued success.”
Tsuneo Okubo, CEO of Seiyu, added, “We would like to thank our longstanding shareholders, including KKR and Walmart, for their support, which has enabled us to create substantial value for our customers and business. Over the past few years, we have leveled up our merchandising strategies and in-store operational capabilities while reinvesting in our stores, employees, and IT capabilities as part of our transformation. We now look forward to building on this success with the support of our new shareholder Trial in Seiyu’s next chapter.”
The transaction is expected to close in the second quarter of 2025, pending regulatory approvals. This acquisition by Trial Holdings is set to further consolidate Japan’s competitive grocery sector, potentially enhancing Seiyu’s market presence and distribution capabilities.
