Permira's knowledge of the consumer sector will contribute to achieve Akindo's development plans. (Photo: Akindo/FIS)
(UNITED KINGDOM, 8/28/2012)
Private equity firm Permira is buying Japan's main sushi restaurant chain Akindo Sushiro Co Ltd for USD 1 billion. The amount includes debt -- and gives the sushi chain an enterprise value of about eight times last year’s earnings before interest, tax, depreciation and amortization -- and will be Japan's second-biggest buyout deal of 2012.
Permira, owner of the Bird’s Eye brand, made the deal with Japanese buyout fund Unison Capital and is already developing plans to expand the company nationally and to take the chain into China, according to Permira's co-head of Asia Alex Emery.