The One Group Hospitality has announced it will acquire Safflower Holdings, the owner of teppanyaki house Benihana, for $365 million.

Benihana is known for its namesake flagship brand, which offers interactive teppanyaki dining in the US, and its RA Sushi brand offering Japanese dishes.

“The strategic acquisition of a one-of-a-kind restaurant platform with a compelling financial profile supports our broader strategy to fortify and diversify our leading portfolio of best-in-class experiential vibe restaurant concepts,” said The One Group president and CEO Emanuel Hilario.

The One Group will finance the acquisition with $160 million in preferred equity and a portion of a new $390 million term loan and credit facility.

Following the transaction, the hospitality group will have a footprint of 168 venues of full-service entertainment and grill restaurants across its four brands. Benihana currently operates 88 company-owned restaurants and franchises or licenses an additional 17 venues in the Americas.

The acquisition is expected to add about $575 million in annualized system-wide revenue and an estimated $70 million in annual run-rate EBITDA before synergies, forecasted to be at $20 million per year.

The company estimates it will take 24 months to realize synergies after the transaction, which is slated to be completed in the second quarter.