Home Database Retail & ConsumerSushi Shop Group

07/2018100%

Sushi Shop Group acquired by Amrest

FRANCE Hospitality & Leisure / Hospitality / Restaurants / Chains EV €100–350M

Context

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.

Previously, Sushi Shop Group opened its capital to Naxicap Partners in 2011.

Sushi Shop Group, which reported an EBITDA margin of [members only] in 2017, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, 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

€100–350M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2017

2016

Other operations with Sushi Shop Group

Other operations with Sushi Shop Group
Date	Acquirer	Target	Country	Sector
09/2011	NAXICAP PARTNERS	SUSHI SHOP GROUP	FRANCE	Restaurants / Chains

Similar deals in Hospitality & Leisure

Similar deals in Hospitality & Leisure
Date	Acquirer	Target	Country	Sector
08/2018	CAVA GROUP	ZOE’S KITCHEN	UNITED STATES	Restaurants / Chains
08/2018	COCA-COLA	COSTA	UNITED KINGDOM	Restaurants / Chains
06/2018	ACCOR HOTELS	SBE ENTERTAINMENT GROUP	UNITED STATES	Hotels & Accommodation
06/2018	KHARIS CAPITAL	O'TACOS CORPORATION	FRANCE	Restaurants / Chains
05/2018	JAB BEECH	PRET A MANGER	UNITED KINGDOM	Restaurants / Chains
05/2018	ACCOR HOTELS	MANTRA	AUSTRALIA	Hotels & Accommodation
04/2018	ACCOR HOTELS	MOVENPICK HOTELS & RESORTS	SWITZERLAND	Hotels & Accommodation
04/2018	EQUISTONE	KARAVEL	FRANCE	Tour Operators
04/2018	ONTARIO TEACHERS' PENSION PLAN (OTPP)	EUROPEAN CAMPING GROUP (ECG)	FRANCE	Hotels & Accommodation
03/2018	OPCAPITA	ROSSOPOMODORO	ITALY	Restaurants / Chains

REFERENCES

Valuation range: EV €100–350M

Revenue range: €100–200M

EBITDA range: €5–25M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 10x - 18x

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 Amrest 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.

Press release: view release

Target: sushi shop group

Acquirer: amrest

FAQ

What transaction does this page cover?

This page covers Amrest’s acquisition of 100% of Sushi Shop Group, a French company specialised in Hospitality, in 2018. This followed an earlier holding cycle initiated in September 2011, when the company was acquired by Naxicap Partners.

How was the acquisition of Sushi Shop Group by Amrest valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €100–350M band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Sushi Shop Group’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Sushi Shop Group generated annual revenue estimated in the €100–200M range and EBITDA in the €5–25M bracket (FY 2017). Detailed financial figures are available to members.

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

With an estimated valuation multiple in the range of 10x - 18x in 2018, the transaction reflects historical valuation standards. 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?

Information on this transaction is sourced from the official corporate announcement published by the parties, corroborated by a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

What is mynth?

mynth is the first free M&A database dedicated to Small & Mid-Cap transactions. We centralize Enterprise Values, revenue multiples, EBITDA multiples and transaction financials that are typically locked behind five-figure subscriptions on platforms like Capital IQ or Mergermarket. On mynth, searching and browsing deals is completely free. Our mission is simple: make professional-grade valuation intelligence accessible to every M&A advisor, independent consultant, Private Equity professional and student, without the burden of expensive annual licenses.