The deal-by-deal team enters a partnership with management of Sumo

Hercules Capital

(Oslo, 17 November 2020) A company funded by a group of experienced restaurant investors and managed by Fredrik Kongsli and Fredrik T. Bysveen, has entered into an agreement with Sinco AS to acquire Sumo AS, Norway’s largest Asian fusion restaurant chain. With its playful Asian fusion concept, strong brand, and successful restaurants, Sumo represents a strong foundation for further expansion.
Sumo has established 9 successful restaurants in Bergen, Oslo, Stavanger, and Jessheim. The company has created an easy-to-like Asian fusion menu based on high quality ingredients. The company expects to generate a turnover in 2020 of approximately NOK 180 million. Despite the Covid-19 outbreak, Sumo has experienced a solid topline momentum in 2020, proving the strength of the concept and management team.

Simon Simonnæs, the CEO and previous majority owner, will together with other key employees retain 48% ownership after the transaction. “It has been our ambition to accelerate the expansion of Sumo both in Norway and abroad. Together with Kongsli and Bysveen and the highly experienced team of restaurant investors they bring, we will have the competence, capacity, and financial resources to accomplish this ambition over the next few years.”

“We are impressed by the outstanding track record, the strong culture and the enthusiasm in the organization. Sumo has a unique offering that makes people want to return again and again. The food is popular and the people working there are hands-on and genuinely service minded. In addition, Sumo is capturing the takeout trend and has been successful in building a popular brand through social media. We believe Sumo has a large potential for further growth both in Norway and abroad”, says Fredrik Kongsli.

Salsa Bergen AS will also be part of the transaction. Salsa is a successful Latin American restaurant located in Bergen that has rollout potential.

Closing of the transaction took place 17 November 2020.

Contact:
Fredrik Kongsli, Chairman Sumo & Salsa
Telephone: +47 98 01 22 51

Simon Simonnæs, CEO Sumo & Salsa
Telephone: +47 938 89 500

The buyer was advised by DLA Piper and PwC.

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