YO! Sushi Secures New Owner for Global Expansion

After 10 years of steady growth, YO! Sushi now operates 41 restaurants in the UK and overseas. This transaction allows Robin Rowland, CEO of YO! Sushi, to accelerate the company's rollout plan, targeting 100 restaurants worldwide by 2012.

Launched in Soho, London, in 1997, by founder Simon Woodroffe, the innovative concept was an immediate success as a quality, fast and fun dining experience where customers pick and choose their colour coded dishes from a rotating kaiten (conveyor belt). YO! Sushi has expanded rapidly to a wide variety of locations in the UK and 11 franchises in 5 countries abroad. YO! Sushi restaurants can now be found within some of the UK's premium fashion and travel locations including Selfridges, Harvey Nichols, Harrods, Heathrow Airport, Paddington Station, Bluewater and The Trafford Centre. Now serving sushi and Japanese specialties to three and a half million customers per year, the concept is popular amongst urban professionals, international globetrotters and students alike allowing an elegant pit stop for fresh and healthy innovative Japanese food whilst shopping, visiting the cinema or travelling.

Axelle Strain, Partner, Quilvest comments: "We are delighted to have acquired such an iconic brand with excellent growth potential. YO! Sushi's management team have demonstrated a strong track record of profitable growth, and we look forward to working with Robin and his team to build on their successful development. We believe Quilvest is uniquely positioned to help YO! Sushi accelerate its roll out plans in the UK and internationally."

Outside the UK, YO! Sushi currently operates in Dubai, Kuwait, Dublin, Moscow and Kuala Lumpur and plans to continue to open new restaurants in existing territories with their established franchise partners, as well new countries. YO! Sushi's expansion plans will be strengthened by Quilvest's experience in the fast casual dining sector and Quilvest's global presence.

Robin Rowland, CEO, YO! Sushi and 2007, Group Restaurateur of the Year Catey Winner said: "Primary Capital and YO! Sushi have worked together to deliver a strong, successful business. I am confident that Quilvest is the right partner moving forward. Our unique offering, loyal customers and our 1000 employees have all been instrumental to our continued success."

Primary Capital and existing shareholders were advised by Jamieson Corporate Finance who ran a formal sale process which began in December and debt facilities were provided by Lloyds TSB.

2003 Management Buy-Out

Primary backed the GBP10 million management buy-out of YO! Sushi in August 2003 from its second fund, Primary Capital II, and was attracted to the investment opportunity for the following reasons:

- YO! Sushi was a strong brand and market-leader in the nascent Asian 'fast casual dining' sector

- Robin Rowland had demonstrated excellent operational expertise

- YO! Sushi had excellent growth potential with management learning what formats worked and where (and which ones didn't)

- Primary had an understanding of the casual dining sector (and did not share the market's overly negative view on the restaurant sector at that time)

About Quilvest

Quilvest is a global financial institution with over US$10 billion in assets under management. Quilvest is headquartered in Luxembourg and maintains offices in London, Paris, Zurich, New York, Dubai and Montevideo. Quilvest Private Equity has made over 150 direct investments in Europe, the Americas and Asia since 1972. Quilvest Private Equity's mandate is to make privately-negotiated equity investments where it can support talented management teams in growing their companies.

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