Permira has agreed to invest in Hana Group, a provider of sushi to grocery retailers. No financial terms were disclosed. As a result of the deal, TA Associates will exit its investment in Hana.
Hana Group (“Hana” or “the Company”) has today announced that Permira, the global private equity firm, has entered into a definitive agreement whereby a company backed by the Permira funds will invest in Hana, in partnership with the founders and the management, who will substantially re-invest in the Company. The transaction sees TA Associates, which was the first institutional investor in Hana, exiting its investment.
Founded in 2012 by Laurent Boukobza and Jacques Attal, Hana is a global provider of freshly prepared sushi “on the go” through its 900 points of sale in grocery retailers across 12 markets. Its core geographies are the United States and France. In addition, Hana operates in the UK, Spain, Italy, Portugal, Belgium, Czech Republic, Romania and Luxembourg. The business now employs over 4,000 people globally. Hana Group is a strategic partner to its customers. It has grown rapidly over the last seven years through both organic and external growth, including the transformative acquisition of Peace Dining in the United States.
Yann Coleou, CEO, Hana Group, said: “The management team is very pleased to welcome the Permira funds as a new investor. This signals a new stage in Hana’s growth. I am confident that Permira’s involvement will be beneficial for our clients, customers and our team.”
Jacques Attal, founder of Hana Group, said: “TA Associates have been strong partners through the investment period. They have supported us strategically, which has enabled the Company to become a global leader, and also embedded a culture of innovation which lays a strong foundation for our partnership with Permira.”
Alexandre Margoline, Partner and Head of France at Permira said: “Jacques, Laurent and Yann have already developed Hana into a uniquely positioned business with global reach. We are very excited by the breadth of growth opportunities ahead, including new geographies, channels and clients. Leveraging its core capabilities across both B2B and B2C propositions, Hana is the perfect platform from which to build a global provider of freshly prepared meal solutions. We are looking forward to working with Yann and his team to support the next chapter in Hana’s growth and success.”
Tara Alhadeff, Principal in Permira’s Global Consumer Team, said: “Global demand for sushi is growing, driven by consumers’ demand for healthy and convenient meals. At the same time, retailers are looking to introduce more theatre and experience into their stores. With its in-store chefs preparing fresh sushi, Hana addresses both of these trends. We believe that Hana’s relentless focus on innovation, customer service and consumer experience, will continue to fuel growth and increasingly strategic collaboration with retail partners.”
Patrick Sader, Managing Director at TA Associates, added: “We are very pleased to have been able to help Hana Group in its international development. Our partnership with the founders of Hana Group is a perfect example of TA Associates’ investment philosophy. Hana Group is a unique business defined by the quality and diversity of its offering and its execution capacity worldwide.
We would like to thank Hana Group’s founders and managers for their leadership, extreme focus on quality and innovation, and exceptional commitment, which today make Hana Group a leader in the premium food wholesale distribution sector.”
This transaction is expected to complete in Q2-2019.
List of advisers:
Hana Group was advised by Rothschild and KPMG for the financial aspects and LATHAM & WATKINS for the legal aspects, and the Boston Consulting Group. Its managers are advised by McDermott, Gide and Callisto.
Permira was advised by Cambon Partners as advisory bank, McKinsey, Simon Kucher and Alix Partners for commercial diligence, Weil Gotshal & Manges for legal matters, Alvarez & Marsal for financial due diligence, PwC for tax and HR matters, and Linklaters for structuring.