Sushi Sushi Pty Ltd (Sushi Sushi) announced today that it has reached an agreement to sell a majority share of the business to Odyssey Private Equity (Odyssey) and the management team, led by Scott Meneilly. The terms of the transaction are confidential.
Founded in 1998, Sushi Sushi has pioneered the growth and development of the Japanese inspired convenience food market in Australia. With an office in Tokyo, warehouses and a fleet of trucks in WA, QLD and Victoria, Sushi Sushi is uniquely positioned as a vertically integrated food business with a robust back end, providing amazing scope for growth. The Business has a strong track record of product innovation and growth through its network of company owned stores, franchisees and commercial sales channels. Following the transaction, Sushi Sushi will continue to operate out of its new state of the art Melbourne Head Office and processing facility in Mount Waverley.
Scott Meneilly, CEO of Sushi Sushi said: “Our team are very proud of what has been achieved in building Sushi Sushi into the business it is today. We are looking forward to working with Odyssey to grow the business and capitalise on the many opportunities that are available to us. Our recently opened wholesale division has exceeded our expectations and is a fantastic addition to our brand, as will be our first store in NZ which opens in May, followed by our NSW store openings later this year. 2019 is set to be very exciting.”
Paul Readdy, Partner at Odyssey Private Equity said: “This is a great chance for Odyssey to partner with a highly experienced management team, who have contributed to the success of companies like Boost Juice, Retail Zoo and now Sushi Sushi. The growth in demand for sushi and Japanese inspired food more generally, is being driven by consumers’ demand for healthy and convenient meals. We believe that Sushi Sushi’s commitment to innovation, consumer experience and quality food will continue to fuel the company’s growth”.
Anna Kasman, of Sushi Sushi said: “I am very proud of what we have achieved, and I am very grateful to our dedicated and passionate team and Franchise Partners. We have a strong leadership team in place who share my passion for the business and obsession with quality and under the guidance of an experienced investor like Odyssey, I am confident that the Businesswill continue to prosper”.
Financial advisors to Sushi Sushi were KPMG and Maddocks provided legal advice. Deloitte & Herbert Smith Freehills advised Odyssey. Terms of the deal were not disclosed.