Akindo Sushiro, the Japanese sushi restaurant business, has been sold to European private equity firm Permira for about US$1bn (£630m).
Permira said it would back the current management team in its plans to expand the 335-strong group in Japan and overseas; the company opened its first site outside Japan in South Korea in December 2011.
The acquisition took place under Perira’s consumer-focused vehicle Consumer Equity Investments Limited (CEIL).
Alex Emery, partner and head of Asia at Permira, said: “We are delighted by CEIL’s agreement to acquire Sushiro. CEIL was attracted to Sushiro’s corporate vision of providing high quality sushi at attractive prices and sees ample potential in exporting Japan’s food culture further. Sushiro has successfully grown over the last few years and has now become a very well-known and popular brand.
“CEIL is confident that it is well positioned to further expand both in Japan and overseas. CEIL will draw upon the Permira funds’ extensive experience in the consumer industry segment and long track record of assisting strong brands to develop in overseas markets.
"CEIL, together with the Permira funds, are committed to supporting Sushiro’s growth strategy by providing management with funding resources, while maintaining its independence, and as it seeks to expand its sushi offering, a symbol of Japanese food culture, globally.”
Akindo Sushiro was founded in 1984 and achieved sales of approximately 100bn Japanese Yen (£800m) in the year ending September 2011. The company employs more than 1,000 full time and 10,000 part time staff.
Kenichi Toyosaki, chief executive of Sushiro, said: “We are delighted to be partnering with CEIL as we look to enter the next stage of Sushiro’s development.
"We believe that there is growing demand both in Japan and elsewhere for our value proposition and that CEIL, supported by the Permira funds with their extensive experience in investing in growing businesses with international potential, is the ideal partner to help us deliver on our growth plans in the coming few years.”
