The One Group Hospitality Inc. and its subsidiary Kona Grill Acquisition LLC have agreed to purchase Kona Grill Inc. in a deal valued at around US$25 million. The finale to Kona Grill’s disastrous year follows a July agreement that was vacated by Williston Holding Co.

The deal sees 24 of Kona’s domestic restaurants across 18 states, as well as two international franchise licenses, change hands for US$25 million in cash, as well as US$10.8 million in working capital liabilities. One Group also own STK steakhouse concept.

Emanuel Hilario, One Group president and CEO, said, “The acquisition of Kona Grill provides us with a complementary concept to STK, potentially creating another long-term growth vehicle once we fully integrate the restaurants into The One Group.”