Osaka-based Akindo Sushiro, which operates 335 revolving-counter sushi bars, is the number-one such restaurant chain by revenues, according to Permira’s
. In December 2011, the company opened a Seoul restaurant, its first outside of Japan.
London-based private-equity firm Permira, acting through its Consumer Equity Investments Ltd. vehicle, will pay about $1 billion including the assumption debt to Akindo Sushiro majority shareholder Unison Capital Inc. of Japan. Unison controls 80 percent of Akindo Sushiro shares, with the restaurant’s founding family holding the rest.
Clifford Chance Tokyo partner Andrew Whan is the lead partner advising Permira on the deal. The law firm previously advised Permira in 2010 on its purchase of a majority stake in Creganna-Tactx Medical, an Irish medical-device maker.
Mori Hamada & Matsumoto
is acting as Japanese counsel Akindo Sushiro, with partners Gaku Ishiwata and Rintaro Shinohara leading work on the deal.