Naxicap's SushiShop sold to trade for €240m

Francesca Veronesi
25 July 2018

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Naxicap Partners has sold its minority stake in SushiShop, a French operator of Japanese cuisine restaurants, to publicly listed restaurant group AmRest, which wholly acquired the business for a purchase price of €240m.

Naxicap invested €25m and €18m in the group in 2011 and 2015 respectively, both times retaining a minority stake.

The business secured a €60m debt refinancing package in May 2017 arranged by Goldman Sachs Private Capital.

Founded in 1993, AmRest is a restaurant group headquartered in Poland, in Wrocław. It collaborates with brands such as Burger King, KFC, Pizza Hut, Starbucks and operates restaurants in 16 markets, including China, Russia and several other European countries.

The purchase price will amount to €240m on a debt-free basis, of which €13m will be paid to Grégory Marciano and Adrien de Schompré, respectively the CEO and managing director of SushiShop.

Additionally, an amount of up to €10m (earn-out) will be paid to the sellers if SushiShop reaches certain financial key performance indicators for 2018.

Company
Based in Paris, SushiShop is the operator of a chain of Japanese cuisine restaurants. Out of its 165 stores, about one third are restaurants run by franchisees. SushiShop restaurants are present in France (72% of the entire business) and in 11 other countries, including Spain, Belgium, the UK, Germany, Switzerland and Italy. The group's business model is based mainly on delivery (55% of sales) and take-away products (32% of sales). In 2017, SushiShop generated a turnover of around €130m.

People
SushiShop – Grégory Marciano (CEO); Adrien de Schompré (managing director).