Yo! Sushi has cashed in on
the growing popularity of Japanese cuisine in the UK, now employing well over
1,500 people and expanding internationally into Europe, the Middle East and the
US. A deal between Inflexion and Quilvest, Yo! Sushi's current owner is not yet
certain and could fall apart, insiders said on Friday. However, the private
equity firm is understood to have been given a period of exclusivity within
which to negotiate a deal.
It is said to have seen off
competition from rival bidders which were reported to have included 3i,
Morgan Stanley Private Equity and Mistral Equity Partners, a New York-based
fund. Yo! Sushi was founded in 1997 by Simon Woodroffe, who was one of the
original participants on the BBC's Dragons' Den programme. More recently, the
company has been run by Vanessa Hall, who is spearheading its international
growth plans.
The prospective sale of Yo!
Sushi comes during a frenetic period of deal making in the UK restaurants
sector. Last month, Cote, the French bistro chain, was taken over by BC
Partners, a buyout firm, at a valuation which surprised many City observers. BC
is understood to believe that there is scope to triple the number of Cote
outlets in the UK, despite the growth of rival operators. Among the other
chains which have changed hands or launched sale processes in the last few
months are Ask, La Tasca, Las Iguanas, Prezzo and TGI Friday's. An
Inflexion spokesman declined to comment, while Canaccord Genuity, which has
been running the sale process for Quilvest, could not be reached.
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