Maj Invest launches Sticks'n'Sushi sale via Deloitte

Teasers for the auction have been recently distributed to potential buyers, three of the sources said, with one adding that the Copenhagen-based SME-focused sponsor holds around 80% of the shares in the business.

Sticks'n'Sushi' reported DKK 732m (EUR 98.3m) in revenue and DKK 88m (EUR 11.8m) net profit, according to FY21-22 financials reported in November 2022. Shortly after filing accounts, the sponsor heard pitches from potential sellside advisors with international connections, keen to launch a sale in early 2023, one of the sources said.

Maj Invest plans to have a potential deal finalised before the summer, one of the sources said, adding that there is interest from several international financial sponsors and strategic players in the business, which is also present in the UK and Germany.

Scandinavian restaurant chains have struggled to excite buyers in recent sale attempts, with Olivia Restauranter having difficulties gaining traction in the market after launching the sale processes in September 2022, in the midst of a financing market largely shunning consumer risk.

However, three of the sources are optimistic when it comes to Sticks'n'Sushi, as the restaurant chain has proven its concept of supplying even the more demanding London high streets customers with a high-end experience and takeaway offering.

The group has also been able to scale internationally, beyond the Nordics, with several outlets and delivery facilities in the UK and Germany, two of the sources said. According to one source, a broader rollout has great potential if correctly supported by the new owner, and if it can retain its high EBITDA margin.

Part of its high margins comes from Sticks'n'Sushi gaining more bargaining power with landlords in popular areas of London and Berlin, one of the sources said, adding that the restaurant has shown resilience to problems caused by Brexit and rising inflation.

Maj Invest Equity acquired the business in 2013 via its Maj Invest Equity 4 K/S fund, according to the sponsor's website.

Sticks'n'Sushi, founded in 1994 by Thor Andersen and brothers Jens and Kim Rahbek, has over 900 employees and 25 restaurants and four delivery kitchens, being 12 in Denmark, 10 in the UK and three in Germany, according to its most recent annual report.

Sticks'n'Sushi and Deloitte did not respond to requests for comment. Maj Invest declined to comment.

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