Naxicap-backed SushiShop in €60m refinancing

Alice Tchernookova
15 May 2017

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Naxicap Partners portfolio company Sushi Shop, a France-based Japanese restaurant chain, has secured a €60m debt refinancing package arranged by Goldman Sachs Private Capital.

In the new agreement, Goldman Sachs will provide a long-term credit facility to refinance existing lines and support future growth.

Prior to the transaction, Sushi Shop's debt amounted to around €20m. This has now been replaced by a €60m senior debt package representing around 2x EBITDA. According to daily financial publication Capital Finance, around €40m will be allocated to the acquisition of the group's France-based franchises.

Sushi Shop, which said in a statement it has grown by around 10% in 2016, has reportedly already taken over 11 restaurants this year, and will look to make a further 24 acquisitions by the end of 2017. The group will also pursue European expansion, specifically in Italy, Spain, Germany, the UAE and elsewhere, aiming to hit €200m in turnover this year.

Goldman Sachs Private Capital is Goldman Sachs' investment arm dedicated to long-term financing transactions, and typically invests between €20-150m per transaction.

Naxicap, which invested €25m and €18m in the group in 2011 and 2015 respectively, is staying on as minority shareholder. However, the investor could soon be exiting the group, several sources report.

Previous funding
In 2011, Naxicap took a 25% stake in Sushi Shop, contributing €25m to a €32m funding round for the business. The company mostly used the funds to support its European and US expansion, and to grow its network in France.

In 2015, the GP injected a further €18m into the group.

Company
Launched in 1998, Sushi Shop is one of France's main Japanese restaurant chains. The group sells its products through a network of around 87 vending points and 11 corner shops in France. It also owns 33 locations abroad, including 17 franchises. Its products are currently available in the UK, Switzerland, Belgium, Italy, Luxembourg, the UAE, Spain and Germany.

Sushi Shop generated €183m in revenues in 2016, and employs around 1,200 staff. The brand is managed by founder and CEO Grégory Marciano, and by Hervé Louis and Adrien de Schompré.

People
Naxicap Partners – Eric Aveillan (chairperson).
Goldman Sachs Private Capital – Camille Frizon de Lamotte (head of origination).

Advisers
Company – Piotraut Giné Avocats, Raphaël Piotraut (legal); Edge Avocats (legal).