Permira Buys Japanese Sushi Chain
The agreement values Akindo Sushiro, an Osaka-based operator of sushi bars in Japan, at roughly $1 b…The agreement values Akindo Sushiro, an Osaka-based operator of sushi bars in Japan, at roughly $1 billion including debt, Permira said in a statement. The private equity firm is buying a stake in Sushiro from Unison Capital, a Japanese rival.
For Permira, the deal is a significant foray into Japan, following its 2008 acquisition of Arysta Lifescience, an agrichemical company, for about $2.2 billion. Founded in 1984,
Akindo Sushiroranked first among Japan's "revolving sushi" chains by sales last year, according to the company. Unison Capital came on board in 2007.
Permira "was attracted to Sushiro's corporate vision of providing high quality sushi at attractive prices and sees ample potential in exporting Japan's food culture further," Alex Emery, co-head of the firm's Asian business, said Aug. 24. "Sushiro has successfully grown over the last few years and has now become a very well-known and popular brand."
"We believe that there is growing demand both in Japan and elsewhere for our value proposition," Kenichi Toyosaki, Sushiro's chief executive, said. Permira is making the purchase through Consumer Equity Investments, an investment company based in Ireland that is backed by the private equity firm's funds.
