Gen Restaurant Group has announced that it has “received a non-binding letter of intent” from an unidentified buyer to purchase its Gen Korean restaurant operations. Although Gen Restaurant Group declined to disclose the identity of the would-be purchaser, representatives for the company confirmed that it is a “nationwide, multi-concept restaurant operator” that it already does business with. The potential acquisition of all 59 Gen Korean restaurants is valued at over $100 million for restaurant operations alone. “We believe a transaction of this nature makes strategic sense: focusing Gen entirely on our CPG business, where growth is accelerating rapidly.” The announcement comes just three years after Gen Restaurant Group filed for an IPO in June 2023.