Discount retailer Don Quijote Co. said Thursday it has acquired a 23.62 percent stake in Origin Toshu Co., which runs a chain of shops selling "bento" boxed meals, for 8.09 billion yen.
Don Quijote said it will pursue joint store development and procurement with Origin through the stake ownership.
It stressed the acquisition was not a move to take over Origin, and it has no intention of obtaining an additional stake at the moment.
Don Quijote, known for its chaotic store layouts and quirky merchandising, said the acquisition was part of efforts to revamp the food sections at its outlets.
Origin said in a short statement released Thursday evening that Don Quijote President Takao Yasuda notified the company earlier in the day of the stake acquisition and made a tieup proposal. The firm said it will study the proposal.
Don Quijote said it acquired a 8.63 percent stake from Origin's shareholders, including the founding family, and obtained an additional 10.46 percent when it bought out a Tokyo-based real estate management company also run by the Origin founding family. Yasuda purchased the additional 4.53 percent Origin stake for 1.54 billion yen, the Don Quijote said.
Origin, listed on the Tokyo Stock Exchange's second section, operates some 540 outlets.
Don Quijote suffered a series of suspected arson fires, one fatal, at its outlets in late 2004.