Two established businesses in a resilient, growing market
Two of Europe's leading fresh Asian convenience food specialists are joining forces in a merger that reflects both the maturation of the continent's ready-to-eat market and the enduring logic of complementary strengths. EAT HAPPY GROUP, rooted in German craftsmanship and broad retail formats, and Hana Group's European operations, carrying established networks across France, the UK, Spain, and Belgium, are negotiating a union backed by private equity that would place their combined presence at roughly 5,800 points of sale across 14 countries. The move speaks to a larger story: as European consumers increasingly reach for quick, quality-driven meals, the businesses that serve them are consolidating to meet that appetite at scale.
- Two businesses that have each built strong but geographically incomplete European footprints are now moving to close those gaps through a single, coordinated merger.
- The deal creates immediate tension around regulatory and labor hurdles — works council consultations and regulatory approvals stand between the announcement and any operational reality.
- One Rock Capital Partners is stepping in as the financial architect, bringing a private equity mandate focused on operational improvement and long-term value creation to a market it sees as resilient and growing.
- Permira, which has held Hana Group since 2019 and guided its European expansion, is making a full exit from that continental business — a clean close on a chapter of deliberate scale-building.
- The combined platform, if approved, would serve 14 European countries with a portfolio spanning sushi shop formats, chiller displays, and 20 global brands — positioning it as the dominant force in Europe's fresh Asian convenience segment.
Two of Europe's fresh Asian food specialists are negotiating a merger that would redraw the continent's ready-to-eat landscape. EAT HAPPY GROUP, the Cologne-based producer behind brands like YUZU and WAKAME, and Hana Group's European arm, a French operator with a portfolio of 20 global brands including Sushi Gourmet and Poké Lé Lé, have entered exclusive talks to combine under the backing of private equity firm One Rock Capital Partners. The deal remains subject to works council consultation and regulatory approval, and no financial terms were disclosed.
The strategic case rests on geography and product fit. EAT HAPPY has built roughly 4,300 retail locations across seven European countries since its founding in 2013, operating multiple shop formats and chiller concepts. Hana contributes what EAT HAPPY lacks — distribution networks in the UK, France, Spain, and Belgium, and around 1,500 points of sale across 12 countries. Together, the combined entity would serve approximately 5,800 retail locations across 14 countries. EAT HAPPY's CEO Dr. Johannes Steegmann described the merger as a way to offer retail partners a broader, more flexible range; Hana's Eduardo Romero pointed to shared values around quality and innovation.
For Permira, the London-based firm that acquired a majority stake in Hana Group in 2019, the transaction marks a full exit from the European business — the conclusion of seven years spent expanding Hana's footprint and deepening its retail relationships. Permira will retain its stake in Hana's US operations. One Rock, known for pairing operational expertise with growth-oriented investment, enters as the new steward of the combined platform, with a focus on scaling the enterprise and improving profitability over the long term.
Two European specialists in fresh Asian convenience food are moving toward a merger that would reshape the continent's ready-to-eat sushi and pan-Asian market. EAT HAPPY GROUP, a German producer of handcrafted Asian dishes operating under brands like YUZU and WAKAME, and Hana Group's European operations, a French company known for quick-service sushi and Asian-inspired cuisine, have entered exclusive negotiations to combine their businesses with backing from One Rock Capital Partners, a private equity firm.
The deal, still subject to works council approval and regulatory clearance, would create a platform serving roughly 5,800 retail points of sale across 14 European countries. Neither company disclosed financial terms. What they did reveal is the strategic logic: the two businesses fill gaps in each other's maps and product lines. EAT HAPPY, founded in 2013 and based in Cologne, has built a strong presence across seven European countries with around 4,300 retail locations. It operates multiple brand formats—shop concepts and chiller displays—that appeal to different retail partners. Hana brings something EAT HAPPY lacks: established distribution networks in the UK, France, Spain, and Belgium, along with a portfolio of 20 global brands including Sushi Gourmet, Sushi Market, Genji, and Poké Lé Lé. Hana currently operates roughly 1,500 points of sale across 12 countries.
Dr. Johannes Steegmann, EAT HAPPY's chief executive, framed the combination as a way to deepen relationships with retail partners by offering them a broader, more flexible range of products and formats. Eduardo Romero, who leads Hana Group, emphasized the shared commitment to quality and innovation that would come from the partnership. Tony Lee, co-founder and managing partner of One Rock, described the opportunity as compelling—two established businesses in a resilient, growing market, each with strong operational foundations and retail relationships.
The deal represents a significant milestone for Permira, the London-based investment firm that has owned a majority stake in Hana Group since 2019. Over those seven years, Permira backed an expansion that broadened Hana's European footprint, deepened its retail partnerships, and scaled its operations. This transaction marks a full exit from Hana's European business, though Permira will retain its investment in Hana's US operations. Pedro López, a partner at Permira, called the combination a reflection of the strategic value built over the years and expressed confidence in the next phase of growth.
One Rock's involvement signals confidence in the combined entity's potential. The firm specializes in identifying companies with growth and operational improvement potential, using experienced operating partners to conduct due diligence and develop comprehensive business plans. For the merged company, that means a focus on growing the enterprise and enhancing profitability to build long-term value.
The transaction now enters a period of consultation with relevant works councils and moves through customary regulatory approvals. Once complete, the combined platform would operate across a significantly larger footprint than either company manages independently, positioning it as a major player in Europe's fresh Asian convenience food market at a time when consumer demand for quick, healthy meal options continues to rise.
Notable Quotes
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.— Dr. Johannes Steegmann, Chief Executive Officer, EAT HAPPY GROUP
We see a compelling opportunity to support the combination of two well-established businesses in a resilient and growing end market.— Tony Lee, Co-Founder and Managing Partner of One Rock Capital Partners
The Hearth Conversation Another angle on the story
Why does a German sushi company need a French one? Aren't they doing the same thing?
Not quite. EAT HAPPY has built strong shop formats and chiller displays in places like Germany and Central Europe, but they're barely present in the UK, France, Spain, or Belgium. Hana has deep roots in those exact markets. So you're not combining duplicates—you're combining pieces that fit together geographically.
And the product side?
Hana specializes in quick-service sushi and pan-Asian cuisine-to-go with 20 different brands. EAT HAPPY has handcrafted sushi and healthy convenience concepts. When you merge them, a retailer can now choose from more formats and more brands depending on what their customers want.
So this is about scale and reach, not innovation?
It's both. Scale matters—5,800 retail points across 14 countries gives you negotiating power with suppliers and retailers. But the real value is that you can now offer a retail partner in Belgium something completely different from what you offer in Germany, because you have the brands and formats to do it.
Why does One Rock care about this?
They invest in companies with growth potential and operational improvement. Fresh Asian food in Europe is resilient and growing. Both companies have solid operations and retail relationships. One Rock sees a chance to support the combination and help management develop the business further.
What happens to Permira?
They exit their European investment in Hana completely through this deal. They've owned it since 2019 and backed significant expansion. This is their return on that bet. But they're keeping their stake in Hana's US business, so they're not walking away entirely.