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09/2011MinorityGrowth

Naxicap Partners invests in Sushi Shop Group

FRANCE Hospitality & Leisure / Hospitality / Restaurants / Chains REV €50–100M

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 [members only] in 2010, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the Retail & Consumer sector (11.8x in 2026).

-> Deep-dive in Retail & Consumer market trends

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

[members only]

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2010
€50–100M
[members only]
[members only]
2009
€50–100M
[members only]
[members only]

Other operations with Sushi Shop Group

Other operations with Sushi Shop Group
DateAcquirerTargetCountrySector
07/2018AMRESTSUSHI SHOP GROUPFRANCERestaurants / Chains

Other operations with Naxicap Partners

Other operations with Naxicap Partners
DateAcquirerTargetCountrySector
11/2024NAXICAP PARTNERSGLOBAL DFRANCEImplants & Prosthetics
05/2024NAXICAP PARTNERSITAL EXPRESSFRANCEB2B Specialized Distribution
04/2021NAXICAP PARTNERSLAGARRIGUEFRANCEImplants & Prosthetics
10/2020NAXICAP PARTNERSEUREKA EDUCATIONFRANCEEducation Providers
09/2019NAXICAP PARTNERSSIBLU VILLAGESFRANCEHotels & Accommodation
07/2019NAXICAP PARTNERS / ARDIANEMERAFRANCENursing Homes
12/2016NAXICAP PARTNERSECF GROUPFRANCEHospitality Supplies
07/2016NAXICAP PARTNERSSTELLIANTFRANCEInsurance
01/2016NAXICAP PARTNERSACOLADFRANCEDocument Management
07/2014NAXICAP PARTNERSSUD ROBINETTERIE INDUSTRIEFRANCEValves, Pumps & Taps

Similar deals in Hospitality & Leisure

Similar deals in Hospitality & Leisure
DateAcquirerTargetCountrySector
04/2013ALSEABURGER KING IN MEXICOMEXICORestaurants / Chains
03/2012OAKTREE CAPITAL MANAGEMENTFITNESS FIRSTUNITED KINGDOMHospitality
01/2011CHANGE CAPITAL PARTNERSROSSOPOMODOROITALYRestaurants / Chains
01/2011HIG CAPITALLOOPING GROUPFRANCELeisure Facilities
12/2010FONDATIONS CAPITALCOURTEPAILLEFRANCERestaurants / Chains
06/2007LIGHTSTONE GROUPEXTENDED STAY AMERICAUNITED STATESHotels & Accommodation
03/2007MERLIN ENTERTAINMENTSTHE TUSSAUDS GROUPUNITED KINGDOMLeisure Facilities
02/2006MONTEFIORE INVESTMENTHOMAIR VACANCESFRANCEHotels & Accommodation
09/2005BC PARTNERSFITNESS FIRSTUNITED KINGDOMHospitality
07/2005COLONY CAPITALBUFFALO GRILLFRANCERestaurants / Chains

REFERENCES

Revenue range: REV €50–100M

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Sushi Shop Group by Naxicap Partners are reserved for mynth community members. Register for free to unlock full data.

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

Target: sushi shop group

Acquirer: naxicap partners

FAQ

What transaction does this page cover?

This page covers the acquisition of a minority stake in Sushi Shop Group, a French company specialised in Hospitality, by Naxicap Partners in 2011, structured as a growth equity investment to support its development. Ownership has since evolved, leading to a subsequent transaction with Amrest in July 2018 (see the dedicated deal page for details).

What was Sushi Shop Group’s revenue at the time of the deal?

At the time of the transaction, Sushi Shop Group’s annual revenue was estimated within the €50–100M range (FY 2010). Detailed financial figures are available to members.

How does the valuation of Sushi Shop Group compare to benchmarks in the Retail & Consumer sector?

Transaction multiples for this specific deal are exclusively reserved for mynth members. By way of comparison, in 2026 companies in the Retail & Consumer sector are valued at a multiple of 11.8x EBITDA.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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