Germany’s Eat Happy Group is in talks to merge with the European operations of fellow sushi supplier Hana Group.
In a joint statement yesterday (1 April), the companies said the proposed transaction is supported by a “strategic investment” from One Rock Capital Partners.
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Just Food has approached both companies for more information on the potential deal.
In the statement, Eduardo Romero, the CEO of Hana Group, said: “One Rock’s experience investing in and growing businesses in the food and beverage sector, alongside Eat Happy’s platform would strengthen our capabilities as we continue to serve our customers and partners.”
Hana Group supplies sushi and Asian-inspired food across Europe, with more than 1,500 points of sale in 12 countries. Its portfolio includes 20 brands such as Sushi Gourmet, Sushi Market, Genji, Izakaya, Mai, Wok Street and Poké Lé Lé.
Founded in 2013, Eat Happy produces and distributes handcrafted “fresh” Asian convenience food. Its brands include Eat Happy, Yuzu, Wakame, Eat Fresh, Fresh Kitchen and Candy Cuisine.
It operates in seven European countries and serves around 4,300 points of sale through retail partners.
Hana has a “well-developed” network in markets where Eat Happy has had limited or no presence, including the UK, France, Spain and Belgium.
The deal is expected to “accelerate” Eat Happy’s production and distribution footprint and provide Hana with new capabilities and formats to “advance its growth,” the statement added.
If completed, the combined business would serve about 5,800 points of sale across 14 European countries.
Eat Happy CEO Dr. Johannes Steegmann, who took the helm in 2024, said: “This combination would bring together complementary strengths across geographies, formats and product offerings, enabling us to deliver tangible value to retail partners and their customers.”
Funds advised by Permira have been the majority shareholder of Hana Group since 2019. The planned deal would represent a “full realisation” of the Permira’s investment in Hana’s European operations. However, Permira will remain invested in Hana’s US business.
Pedro López, partner at Permira, said: “This contemplated combination with Eat Happy, as well as the support from One Rock, is a reflection of the strategic value that we have collectively built over the years, and we wish them the very best for the next phase of growth.”
Completion is subject to mandatory consultation with relevant works councils and customary regulatory approvals.
Eat Happy appointed Dr Johannes Steegmann as chief executive in November 2024. He previously held roles at Fressnapf, Rewe and McKinsey.
