Litorina acquires Swedish restaurant chain Sushi Yama

Litorina's investment was made through its Litorina V vehicle, which held a final close on its SEK 3bn target in August 2018. It is the PE firm's sixth investment through the fund, leaving the vehicle 50% deployed.  

The restaurant founders, Sargon and Ninos George, will continue to hold a minority stake in the company.

According to Swedish publication Breakit, the deal value could be SEK 150-250m, the equivalent of €14-24m. The same report noted that in 2019, the company reported an operating margin of roughly 15%.

Sushi Yama is mainly present in Stockholm and eastern Sweden. With Litorina's investment, the company plans to expand throughout Sweden and in other Nordic countries, as well as internationally. 

The private equity firm has identified potential for another 100-150 new restaurants in Sweden alone and has started searching for new locations.

Company
Heaquartered in Stockholm, the first Sushi Yama restaurant opened there in 2008. There are now 47 restaurants mainly in the capital city and eastern Sweden. In 2019, the restaurant chain reported annual sales of SEK 240m and employed 400 people.

People
Litorina – Lars Verneholt (partner).
Sushi Yama – Sargon George (co-founder, CEO); Ninos George (co-founder).

Advisers
Equity – PwC (financial due diligence); Vinge (legal). 

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• Topics
• Buyouts
• Nordics
• Consumer
• Litorina
• Sweden
• Small-cap buyout