Sticks'n'Sushi sold to McWin ahead of 'next chapter' of growth

The private equity firm which backs Big Mamma Group and Gail’s has acquired the Sticks‘n’Sushi restaurant chain for an undisclosed sum.

McWin Capital Partners has taken a majority share in the business with plans to expand the group into new markets over the next five years.

Sticks’n’Sushi was founded in Denmark in 1994 by Thor Andersen and brothers Kim Rahbek Hansen and Jens Rahbek Hansen, who drew inspiration from their half-Japanese, half-Danish background to create a menu focused on different types of sushi and grilled skewers of meat.

The group now has 1,500 employees and has expanded to 12 restaurants in Denmark, three in Germany and 12 in the UK. These include ten London sites and one each in Oxford and Cambridge.

Terms of the deal were not disclosed but Sticks‘n’Sushi generated £90m of revenues in the year ending June 2023.

Andreas Karlsson, who joined the business in 2011 to oversee its UK expansion and took over as group chief executive in 2019, will continue to lead Sticks‘n’Sushi as it looks to expand.

He said McWin was the “ideal partner” to take the company to the next level.

“Their track record in the restaurant industry speaks for itself, and they have proven time and time again that they can create healthy growth,” said Karlsson.

The deal marks the end of ten years of ownership by Maj Invest, which has expanded Sticks‘n’Sushi across Europe since 2013.

“The restaurant industry is not an easy place to succeed, and we are therefore proud that, together with a strong team in and around the company, we have not just met our own expectations, but exceeded them,” said Thomas Ris, partner at Maj Invest.

Sticks‘n’Sushi is the latest in a string of investments for McWin, which took a majority stake in Instagram-friendly Italian restaurant chain Big Mamma Group as well as German pizza and pasta group L’Osteria last year.

In the UK, McWin also backs bakery chain Gail’s and White Rabbit Projects, which supports brands including Lina Stores and Kricket.

Harry Goss, partner and head of foodservice at McWin, said: “Andreas and the founders of Sticks'n'Sushi have created a special brand and company. The fundamentals are clearly in place for further growth both in new and existing markets.”

The investment is being made in partnership with Polaris Flexible Capital, led by partners Jesper Langmack and Kent Brovn Arp.

Henry McGovern, co-founding Partner at McWin, said: “This brand has a lot of potential and I can’t wait to see what we can achieve.”