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← DATABASE
09/2011

NAXICAP PARTNERS invests in SUSHI SHOP GROUP

FRANCE Hospitality & Leisure / Hospitality / Restaurants / Chains REV 50M - 100M EUR

Context

Sushi Shop, a French restaurant chain specializing in Japanese takeaway and delivery cuisine, has completed a €25 million growth capital transaction with Naxicap Partners joining as a minority investor. The deal primarily involves a capital increase, supplemented by a share buyback from the founding management team. The funds provided by the investor will support Sushi Shop's expansion strategy, including strengthening its presence in France, particularly outside major metropolitan areas, and expanding its network in existing European markets such as Belgium, Luxembourg, Italy, and Spain. The goal is also to accelerate expansion into new Western European markets through a phased rollout approach, combining company-owned store openings with the establishment of local master franchises. In parallel, a portion of the financial resources will be allocated to enhancing the group's operational capabilities to support this growth, including procurement, logistics, and concept standardization. The transaction enables Sushi Shop to secure the necessary financial resources to pursue its international expansion while consolidating its position in the rapidly growing premium fast-food market, driven by trends in mobile consumption and the rising importance of delivery channels.

SUSHI SHOP GROUP, which reported an EBITDA margin of LOGIN in 2010, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Retail & Consumer sector (11.0x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Sushi Shop Group is a European fast-casual restaurant chain specializing in Japanese cuisine, with a primary focus on sushi, maki, and related products. The brand positions itself in the premium segment of the fast-casual market, offering a range of products and services adapted to urban lifestyles and modern consumption habits, including delivery and take-out options. The company's business model is built around a network of integrated and franchised restaurants, with a strong presence in Europe and a growing international footprint. The majority of its operations are concentrated in major urban areas, with a focus on convenience, digital ordering, and optimized delivery, which drives the bulk of its revenue. Sushi Shop relies on a strong brand identity, developed from its Parisian roots, and a standardized approach to recipes and operational processes, enabling international expansion. The company benefits from a significant exposure to the growing trend of out-of-home consumption and the rise of food delivery platforms.

Ent. Value

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Multiples

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EV / EBITDA

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EV / EBIT

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Historical Financials (EUR)

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Other operations with SUSHI SHOP GROUP

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
DateAcquirerTargetCountrySectorDeal Context
07/2018AMRESTSUSHI SHOP GROUPFRANCEHospitality & Leisure

European restaurant operator AmRest has completed the acquisition of Sushi Shop Group, a prominent sushi restaurant chain with a significant presence in France. This transaction is part of AmRest's broader European expansion strategy, aimed at bolstering its position in the food service market. As the owner of KFC, Pizza Hut, and Starbucks franchises in Europe and Russia, AmRest also operates its own brands in Spain and France. Sushi Shop, headquartered in Paris, has a footprint in 11 countries, including Spain, the UK, and Italy, with 165 locations, of which approximately one-third are operated by franchisees. In 2017, Sushi Shop generated revenues of over €200 million, with 72% of sales coming from France, and a business model largely centered on delivery and take-out, which account for 87% of sales. As part of the deal, Sushi Shop founder Grégory Marciano will retain his leadership role and receive a capital payment of €13 million from AmRest. This transaction marks the exit of Naxicap Partners, which has been the majority shareholder of Sushi Shop since 2011, and enables AmRest to continue its European expansion, with plans to open over 300 new locations this year. The operation should allow AmRest to reach +€1.4Bd of revenues in 2018 vs €1.2Bd in 2017.

REFERENCES

Revenue range: 50M - 100M EUR

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Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Target: sushi shop group

Acquirer: naxicap partners