KKR has announced an agreement to sell Seiyu, a major Japanese supermarket chain, to Trial Holdings, a retail and distribution company based in Japan. The deal follows KKR’s acquisition of a majority stake in Seiyu from Walmart in 2021 and an additional stake from Rakuten in 2023, bringing its total ownership to 85%. Walmart will also sell its remaining 15% stake to Trial.

Under KKR’s ownership, Seiyu has undergone significant transformations, including improved product quality, enhanced operational efficiency through technology, and a shift from a general merchandise store model to a supermarket format. Seiyu has also modernized its IT infrastructure to enhance the customer experience.

KKR executives expressed pride in Seiyu’s progress and confidence in its continued success under Trial’s ownership. Seiyu’s CEO, Tsuneo Okubo, credited KKR and Walmart for supporting the company’s transformation and looked forward to future growth with Trial. The transaction, made through KKR’s Asian Fund IV, is expected to close in the second quarter of 2025, subject to regulatory approvals.