At what enterprise value was HANA GROUP acquired in 2019?

During the acquisition of HANA GROUP by PERMIRA in 2019, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 300M - 700M EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the AgriFood industry currently tracks an average EBITDA multiple of 10.8x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of HANA GROUP when it was acquired by PERMIRA?

The estimated EV/EBITDA multiple for HANA GROUP is in the range of 10x - 18x. For comparison, the AgriFood sector currently shows an average EBITDA multiple of 10.8x. Join our community for free to access full valuation data and industry trends.

When was HANA GROUP acquired by PERMIRA?

HANA GROUP was acquired by PERMIRA in 2019.

What was the revenue of HANA GROUP at the time of the deal?

The revenue of HANA GROUP at the time of the deal is estimated to be in the range of 250M - 500M EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of HANA GROUP during the acquisition?

HANA GROUP's EBITDA is estimated to be in the range of 25M - 50M EUR. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the HANA GROUP acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the HANA GROUP deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.permira.com/news-and-insights/announcements/permira-partners-with-hana-group-to-support-its-expansion

← DATABASE

Home Database AgriFoodHANA GROUP

02/2019

PERMIRA takes majority stake in HANA GROUP

FRANCE Food Processing / Food Products EV 300M - 700M EUR

Context

The transaction is structured as a secondary leverage buyout executing the complete exit of TA Associates after a four-year holding period. The departing majority shareholder relinquishes control to facilitate the next institutional expansion phase. Under the definitive agreement, the incoming sponsor acquires an approximate 80% equity stake in the holding structure. Co-founder Jacques Attal and the executive management team led by Yann Coléou roll over substantial equity into the new vehicle. This significant reinvestment aligns long-term management incentives directly with institutional investor objectives. Debt financing is fully provided by BlueBay Asset Management via a €200M unitranche facility. The highly aggressive pricing terms offered by this credit fund displaced the incumbent financial partner Ares from the final syndicate. This flexible capital structure provides ample dry powder to fund imminent cross-border consolidation without draining operational liquidity. Final closing is projected for the end of the second quarter of 2019 following standard anti-trust approvals. Rothschild acted as exclusive financial advisor to the sell-side corporate entities. Cambon Partners and Alantra provided dual M&A advisory services to the buy-side consortium during these private negotiations.

In the past, the company underwent an LBO led by Ta Associates in 2015, and continued an active consolidation strategy by notably acquiring Peace Dining Corp (2016).

HANA GROUP, which reported an EBITDA margin of LOGIN in 2018, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the AgriFood sector (10.8x).

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.

-> Deep-dive in AgriFood market trends

Target

Hana Group, headquartered in France, operates as a designer of live-cooking food kiosks integrated within hypermarkets and transit hubs for retail grocery shoppers. The company utilizes four thousand staff members to prepare fresh sushi in front of consumers, which drives impulse purchasing at the point of sale. The retail network spans fourteen distinct brands, including Sushi Gourmet, across nine hundred international locations to maximize geographic diversification. Operations depend entirely on capturing existing foot traffic from host supermarket chains, reducing standalone marketing expenses significantly. The revenue model utilizes sales-linked commissions paid directly to large retailers, aligning property costs with store traffic fluctuations.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2018

2017

Other operations with HANA GROUP

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
06/2016	HANA GROUP	PEACE DINING CORP	UNITED STATES	Food Processing	Hana Group, backed by its institutional financial sponsor TA Associates, has completed the strategic cross-border acquisition of Peace Dining Corp from its founder, Josh Onishi. Peace Dining Corp operates as a pioneer in the North American and British grocery retail concession markets, managing an extensive network of roughly 200 Asian culinary kiosks across high-end grocery chains, notably Whole Foods Market, under the Genji, Mai, and Wok Street Kitchen brands, alongside a dedicated B2B catering division
06/2015	TA ASSOCIATES	HANA GROUP	FRANCE	Food Processing	TA Associates has executed a definitive agreement to acquire a 70% majority stake in Hana Group, marking a strategic transition from an entrepreneurial governance model toward an institutionalized corporate structure optimized for global market consolidation

REFERENCES

Valuation range: EV 300M - 700M EUR

Revenue range: 250M - 500M EUR

EBITDA range: 25M - 50M EUR

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

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).

Press release: view release

Target: hana group

Acquirer: permira