European private equity player Permira has agreed the JPY38bn ($336m) sale of sushi restaurant chain Sushiro after a five-year holding.
Permira listed Sushiro on the Tokyo Stock Exchange in March this year at JPY3,600 per share, JPY400 below the buyout price agreed with Shinmei Co for Permira’s remaining 33 per cent stake.
Rice wholesaler Shinmei said it plans to merge the company with its own sushi chain Genki.
Permira said growth during its ownership of Sushiro was down to initiatives including revamping the menu, enhancing digital marketing and opening more than 130 new stores, as well as recruiting a new chairman, CEO and CFO.
Ryo Fujii, head of Japan at Permira, said, “Sushiro is an outstanding business with a mission of providing good quality sushi at an affordable price while preserving its outstanding customer focus.
“This is a prime example of supporting fast-growing brands in the consumer space. Over the course of the CEIL ownership, the company has transformed into a best-in-class leader, with an enhanced focus on innovation and new product development and an expanded footprint.”
The transaction is expected to close by the end of the fourth quarter, subject to customary closing conditions, including antitrust.
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