AmRest announces an agreement to acquire Sushi Shop, Europe's leading sushi concept

AmRest announces an agreement to acquire Sushi Shop, Europe's leading sushi concept

Madrid, 24th July 2018. AmRest Holdings SE (WSE: EAT), a leading publicly listed restaurant operator in Europe, has announced signing an agreement setting forth AmRest’s irrevocable commitment to purchase 100% shares in Sushi Shop Group SAS, Europe’s leading sushi concept.

The acquisition would strengthen AmRest’s portfolio with a well-established proprietary brand in the sushi segment, a category highly attractive to AmRest’s business model. The offer of Sushi Shop would add substantial leverage on the food delivery platform of the group, with about 87% of sales generated through delivery & take-away channels. With 165 restaurants added to its portfolio (of which two thirds are equity stores), AmRest would substantially increase its footprint in Western Europe.
AmRest reached a definite agreement pursuant to which it undertakes to acquire 100% shares in Sushi Shop from its Management and Naxicap Partners SA for an implied enterprise value of EUR 240m. An additional EUR 10m will be paid upon Sushi Shop reaching certain financial KPI’s. Subject to the information and consultation of the workers council of Sushi Shop and the clearance of antitrust authority, the transaction would close in the coming months.
“This acquisition adds an exciting category and great brand to our portfolio and enhances our ability to profitably grow in Europe across different channels. Adding a successful, well-proven and truly international brand with an experienced management team. This deal presents an outstanding opportunity to maximize value for our AmRest shareholders. SushiShop is a great addition with fantastic food! ” - said Henry McGovern, founder and CEO of AmRest.

Grégory Marciano, founder and CEO of Sushi Shop commented: “I am excited about the opportunities this transaction would create for the future of Sushi Shop as a part of AmRest, while at the same time extending our mission and providing the highest quality, experience, convenience and innovation to our customers”.
Sushi Shop was founded in 1998 by Grégory Marciano, Hervé Louis and Adrien de Schompré and is the leading chain of sushi restaurants in Europe with system sales of about EUR 202m. Today the network counts 165 stores in 12 countries. Sushi Shop is positioned as a premium sushi brand based on a successful, scalable, fast-casual concept. The company is significantly geared towards delivery which accounts for about 55% of sales and adds substantial leverage to AmRest’s build-up in the delivery segment with take-away accounting for an additional 32% of sales. With more than 75% of sales generated in France and Spain, the acquisition would fit well into the existing footprint of AmRest in Europe. Gregory and Adrien would stay on board in the roles of CEO and COO and continue driving the growth of the company post the transaction.
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