Japan's Genki Sushi, Sushiro to merge - source (updated)
29/09/2017 04:32
* Permira to sell its stake in Sushiro
* Permira bought Sushiro in 2012
* Japan's sushi market has grown 25 percent in 5 years
(Adds background for Permira's investment in Sushiro)
TOKYO, Sept 29 (Reuters) - The owner of Japanese restaurant
chain Genki Sushi Co 9828.T will buy a one-third stake in
bigger rival Sushiro Global Holdings Ltd 3563.T from private
equity firm Permira PERM.UL , a person with direct knowledge of
the deal said.
Permira will sell its stake in Sushiro Global to Shinmei Co,
the owner of Genki Sushi, said the person, asking not to be
identified because he was not authorised to speak to media.
Permira bought Sushiro in 2012 from Japanese private equity
firm Unison Capital. The market for Japan's sushi market has
grown about 25 percent to 6.25 trillion yen ($55.51 billion)
this year from 5 trillion yen in 2012, according to research
firm Fuji Keizai Co.
Permira, which paid about 80 billion yen for Sushiro to
Unison, boosted the value of the company by cutting costs on
fish ingredients by using its global network.
Sushiro shares closed at 3,625 yen on Friday morning, making
it worth 99.7 billion yen.
A Permira official declined to comment on the sale, which
was first reported by the Nikkei business daily on Friday.
Sushiro and Genki Sushi said in separate statements they
were discussing the reported transaction at a board meeting on
Friday.
($1 = 112.5900 yen)
(Reporting by Junko Fujita; Editing by Chang-Ran Kim and
Stephen Coates)
((813-6441-1840, junko.fujita@thomsonreuters.com, Reuters
Messaging:junko.fujita.reuters.com@reuters.net;))
Keywords: JAPAN SUSHI/M&A