Brentwood Associates Partners with Hissho Sushi
Brentwood Associates, a leading growth-oriented private equity firm, has acquired a majority interest in Hissho Sushi. Founded in 1998, Hissho is the second-largest franchisor of turnkey sushi solutions and is leading the charge on delivering fresh, premium sushi that customers crave.
Brentwood acquired its majority interest in Hissho from investor Jeff Vinik, Ingleside Investors, Hissho’s founder (Philip Maung), Beem Holdings and management. The prior ownership group and the management team will remain significant shareholders going forward. Continental Grain Company, a global investor, owner and operator of companies across the food and agribusiness spectrum, participated in the transaction alongside Brentwood.
By partnering nationwide with grocery stores, college campuses, airports, hospitals, corporate offices and government facilities, Hissho offers an innovative menu of classic sushi rolls and chef-created specialties served at a compelling value and in a convenient on-the-go format. Hissho’s premium sushi is handcrafted daily by local, experienced chefs using high-quality ingredients that are 100 percent responsibly sourced. With more than 2,000 points of distribution across the country, Hissho is committed to making sushi more accessible and approachable to shoppers of all backgrounds, ages and diet preferences.
Following the transaction, Dan Beem, the Company’s Chief Executive Officer, will continue to lead the Company alongside President & Chief Financial Officer Mathew Wilken and the remainder of Hissho’s best-in-class management team. Commenting on the new partnership, Beem said, “We are excited to welcome Brentwood to the next chapter in the Hissho Sushi story. Combining Hissho’s category leadership and growth-centric mindset with Brentwood’s deep knowledge in foodservice and franchising will create even greater growth opportunities for Hissho, our franchisees and our retail partners.”
Jeff Vinik added, “Hissho is in terrific hands with Brentwood, and the prospects for the company are better than ever. I am thrilled to remain an investor.”
“Hissho is uniquely positioned to capitalize on the growing consumer trend towards convenient and healthy prepared food options. We are thrilled to partner with Hissho and its outstanding management team on their current strategy of bringing innovative and sustainably sourced sushi everywhere consumers work, live and play,” said Jon Ang, Managing Director at Brentwood.
Rahul Aggarwal, partner at Brentwood, commented, “For more than 20 years, Hissho Sushi has been disrupting the dining industry and elevating the sushi experience nationwide. It is a perfect fit with our strategy of investing in high-growth, world-class consumer businesses. We look forward to leveraging our knowledge and resources to build on the already outstanding foundation for growth that exists at Hissho today.”
Hissho marks the 12th investment Brentwood has made across restaurants, foodservice and franchising. Other franchised concepts Brentwood has partnered with include Chicken Salad Chick, Blaze Pizza and Watermill Express.
Portfolio Advisors, LLC and Pine Mountain Ventures, LLC also co-invested with Brentwood in the transaction.
William Blair & Company served as the exclusive financial advisor to Hissho, while Hill Ward Henderson provided legal counsel. Brentwood was represented by Kirkland & Ellis LLP. Owl Rock, a division of Blue Owl, served as Administrative Agent and Joint Lead Arranger and Audax Private Debt LLC and Varagon Capital Partners, L.P. served as Joint Lead Arrangers for the debt financing.