Houlihan Lokey Advises Eat Happy Group

Houlihan Lokey is pleased to announce that EAT HAPPY GROUP | FCF Holding GmbH (Eat Happy) has agreed to combine with the European operations of Hana Group (Hana), supported by a strategic investment from One Rock Capital Partners, LLC (One Rock). This landmark transaction brings together two industry leaders to create one of the largest and most comprehensive Pan-European platforms dedicated to fresh Asian convenience food.

Eat Happy is a German producer and distributor of handcrafted, fresh Asian, and healthy convenience food. Under the EAT HAPPY, YUZU, WAKAME, EAT FRESH, FRESH KITCHEN, and CANDY CUISINE brands, the group offers a wide range of innovative food concepts. Founded in 2013 and headquartered in Cologne, the company today operates across seven European countries, serving around 4,300 points of sale across retail partners.

Hana is a pan-European supplier of freshly prepared “on-the-go” sushi and Asian-inspired cuisines with more than 1,500 points of sale in 12 countries. Hana’s mission is to improve everyone’s access to great-tasting, high-quality fresh food. Hana’s portfolio of 20 global brands includes Sushi Gourmet, Sushi Market, Genji, Izakaya, Mai, Wok Street, and Poké Lé Lé. Hana has been backed by the Permira funds since 2019.

The transaction will create the undisputed market leader in the freshly prepared sushi and Asian food-to-go sector in Europe. Upon completion, the newly combined entity is expected to serve approximately 5,800 points of sale across 14 European countries.

The business models of Eat Happy and Hana complement each other perfectly, both operationally and geographically. While Eat Happy has established a strong position with its handcrafted sushi and healthy convenience food concepts, Hana brings a well-developed network in regions where Eat Happy has had limited or no presence, such as the United Kingdom, France, Spain, and Belgium. The combination of Hana’s expertise in freshly prepared pan-Asian cuisine-to-go with Eat Happy’s portfolio of shop and chiller formats is designed to create a broader, more flexible offering for retail partners.

Dr. Johannes Steegmann, Chief Executive Officer at Eat Happy, commented: “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. A continued focus on operational excellence would further support our long-term relationships, encouraging deeper collaboration and shared growth.”

Houlihan Lokey undertook a dual strategic role, acting as the sellside advisor to the strategic investment in Eat Happy, while concurrently serving as the buyside advisor to Eat Happy for the acquisition of Hana. This landmark transaction further strengthens Houlihan Lokey’s track record in multi-target cross-border M&A and its deep expertise in the food and consumer retail space.

RELATED: Food & Beverage, Mergers and Acquisitions