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05/2026

HANA GROUP EUROPE acquired by EAT HAPPY GROUP

FRANCE Food Processing / Food Products REV 1m EUR - 100m EUR

Context

The combination of Eat Happy and Hana’s European business establishes a unified pan-Asian convenience platform encompassing approximately 5,800 points of sale across 14 European nations. This transaction represents a complete equity realization for Permira Funds within the European market following an expansion period since 2019. The consolidation merges Hana’s deep footprint in Western Europe with Eat Happy’s established network in Central Europe. Blending these complementary operational networks removes regional redundancies and deepens the product matrix offered to major grocery corporations. Retail partners gain access to a flexible dual-format solution pairing manned culinary kiosks with high-velocity automated chillers. The expanded scale increases purchasing power over volatile global seafood supply lines. One Rock Capital Partners structures this strategic investment to capture resilient consumer demand for healthy convenience foods. Combining these operating platforms mitigates the margin compression caused by rising labor costs in decentralized food preparation. The integrated entity holds a dominant market position positioned to secure long-term exclusivity agreements with consolidated European retail monopolies.

HANA GROUP EUROPE, which reported an EBITDA margin of in 2026, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the AgriFood sector (11.0x).

-> Deep-dive in AgriFood market trends

Target

Hana Group (European operations), based in France, operates as a producer and distributor of freshly prepared sushi and pan-Asian cuisine-to-go used in retail grocery shop-in-shops and convenience formats. The operational model relies on dedicated in-store culinary kiosks managed by specialized staff directly within partner supermarkets. This configuration requires continuous, temperature-controlled logistics networks to deliver raw perishable ingredients daily. Revenue generation is tied to long-term concession agreements calculated on daily point-of-sale transactional volumes. Embedded kitchen infrastructures inside grocery perimeters create high physical switching costs for retail partners. These entrenched commercial relationships secure prime floor space across key retail networks in France, the United Kingdom, Spain, and Belgium. Strict sanitary guidelines and seafood safety regulations form a heavy compliance barrier for alternative operators trying to achieve scale.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2026
2025

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REFERENCES

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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: hana group europe

Acquirer: eat happy group