Permira acquires Unison’s stake in Akindo Sushiro for $1b

Established in 1984, Osaka-based Sushiro is one of the market leaders in the revolving sushi restaurant space in Japan with over 330 outlets. In 2011, the company ranked number one by revenue and opened its maiden overseas outlet in Seoul, South Korea.

"There has been a strong growth in Japan but we believe there are also opportunities in new markets where we see strong demand for such dining experience, China and Korea in particular," Alex Emery, partner and co-head of Asia at Permira, told AVCJ. "Sushiro may need to hire more people for expanding their presence there and this is a point where we can help."

Unison Capital first backed Sushiro in August 2007, acquiring common stock and warrants equivalent to a 17.3% stake for JPY4.6 billion ($58.5 million). A follow-on investment of JPY13.56 billion came in September 2008, which took Unison's holding to 64%. Five months later the private equity firm agreed to launch a tender offer to acquire the remaining 36% for JPY7.7 billion in cash. Sushiro was delisted in April.

The sushi company's revenue has grown 69% since Unison first invested. For the year ended September 2011, sales reached JPY99.8 billion, compared to JPY59 billion for the year to September 2007.

Emery noted that re-listing the company remains a medium-term option.

The investment in Sushiro represents Permira's fourth investment in Asia and its second in Japan following the acquisition of Arysta Lifescience, one of the leading global agrochemical businesses, in 2008. The private equity firm acquired the asset from Olympus Capital and its co-investors Lehman Brothers and Bank of Tokyo-Mitsubishi UFJ for $2.13 billion.

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• Topics
• North Asia
• Buyouts
• Consumer
• Exits
• Japan
• buyout
• Consumer
• Permira Advisers
• Unison Capital
• Exit