EAT HAPPY and Hana Group Plan Strategic Combination to Build a Fresh Asian Convenience Food Platform in Europe
EAT HAPPY, a European specialist known for fresh and healthy Asian convenience food, has announced plans to combine with the European operations of Hana Group SAS (“Hana”), a French producer and distributor of freshly prepared sushi and pan-Asian cuisine-to-go. The proposed combination is expected to create a powerful new platform for fresh Asian convenience food across Europe, supported by a strategic investment from One Rock Capital Partners, LLC (“One Rock”).
While the companies have expressed strong confidence in the value of the transaction, the deal is still subject to several important conditions. These include mandatory consultations with relevant works councils, as well as customary regulatory approvals. As is common in transactions of this type, the financial terms of the contemplated agreement have not been disclosed publicly.
Even though final completion is still pending, the announcement highlights a major step forward in the growing European market for ready-to-eat sushi and pan-Asian convenience meals. Both businesses have developed strong positions in different parts of the region, and their combination is expected to strengthen their ability to serve retailers with a broader range of fresh Asian food formats.
A Combination Designed to Accelerate Growth Across Europe
The proposed transaction is expected to deliver meaningful benefits to both EAT HAPPY and Hana. At the core of the combination is a shared goal: scaling production and distribution across Europe in order to better meet the increasing demand for fresh, healthy and convenient Asian-inspired food.
EAT HAPPY has built a strong reputation across Europe for its handcrafted sushi and healthy convenience concepts. Its business model has been shaped around delivering freshly prepared meals to consumers through retail environments, often supported by in-store production and a strong logistics structure.
Meanwhile, Hana has developed a well-established European footprint through its expertise in freshly prepared sushi and pan-Asian cuisine-to-go. The company has worked closely with retailers across multiple countries, developing a strong distribution network and reliable operational model.
Together, the two organizations believe they can create a much more competitive and flexible offering for grocery retailers, convenience stores and other food distribution partners.
The transaction is also expected to accelerate EAT HAPPY’s production and distribution capabilities. By integrating Hana’s European operations, EAT HAPPY would gain access to infrastructure and market presence in areas where it has traditionally had limited reach.
Complementary Strengths Across Regions and Capabilities
One of the key drivers behind this planned combination is the complementary nature of both companies. Rather than competing head-to-head in the same geographic markets, EAT HAPPY and Hana have developed strengths in different regions.
EAT HAPPY has established a strong position in European fresh food markets through its handcrafted sushi concepts and healthy convenience food solutions. Its format portfolio has allowed it to build relationships with retail partners that want premium fresh sushi delivered through both in-store and chilled distribution models.
Hana, on the other hand, has built a highly developed presence in several markets where EAT HAPPY’s presence has been minimal or nonexistent. These include major European retail territories such as the United Kingdom, France, Spain and Belgium.
This geographic complementarity is expected to allow the combined platform to expand more quickly without duplicating the same infrastructure in the same markets. Instead, the new organization can use Hana’s strong footprint to accelerate EAT HAPPY’s expansion into new territories while also sharing EAT HAPPY’s operational formats and product innovations with Hana’s existing retail partners.
This approach is designed to create stronger market coverage across Europe while improving efficiency and consistency in supply and production.
Expanding the Product and Format Portfolio for Retail Partners
Beyond geography, the transaction is also designed to create a broader and more flexible product portfolio. Both companies bring different capabilities in terms of food concepts, retail execution, and formats used to deliver products to consumers.
Hana is widely recognized for its expertise in freshly prepared pan-Asian cuisine-to-go, providing not only sushi but also a wider range of Asian-inspired meals suited for busy consumers looking for convenient food options.
EAT HAPPY brings additional strengths through its portfolio of shop and chiller formats. These formats are designed to meet different retail needs, including in-store fresh counters, dedicated sushi kiosks, and pre-packaged chilled sushi and meal options.
The combination of Hana’s pan-Asian meal expertise with EAT HAPPY’s diverse retail formats is expected to offer retailers a wider menu of options. Retail partners could potentially benefit from customized solutions depending on store size, customer demographics, and local shopping behavior.
For example, one retailer may want an in-store sushi counter with freshly prepared meals, while another may prefer a chilled grab-and-go concept with minimal staffing requirements. The combined business is expected to be able to offer both options more effectively.
A Platform That Could Reach 5,800 Points of Sale
If the transaction is completed as planned, the combined platform is expected to serve approximately 5,800 points of sale across 14 European countries. This scale would represent a major footprint in the European fresh sushi and Asian convenience food market.
Reaching this number of retail locations suggests that the combined company would become one of the largest and most influential players in its category. With such scale, the business could potentially achieve stronger purchasing power, improved supply chain efficiency, and greater consistency in product quality across markets.
This scale also supports the company’s ability to innovate and invest in new food formats. With thousands of points of sale, the platform could test and roll out new menu items more quickly, supported by a broad distribution network and large consumer base.
In addition, the ability to operate in 14 European countries would create opportunities for cross-market learning, allowing best practices in one country to be applied in another.
Leadership Perspective: Value for Retail Partners and Consumers
Dr. Johannes Steegmann, Chief Executive Officer of EAT HAPPY GROUP, emphasized that the contemplated combination is expected to deliver value through shared strengths and enhanced capabilities.
He explained that bringing together complementary strengths across geographies, product formats, and operational structures would enable the combined platform to deliver tangible value to both retail partners and their customers.
Dr. Steegmann also highlighted that a continued focus on operational excellence will remain central to the combined company’s long-term strategy. By improving operations and strengthening relationships with retail partners, the business expects to build deeper collaboration and support shared growth.
This focus on operational excellence is particularly important in the fresh food segment, where quality control, food safety, and daily distribution reliability are critical. Retail partners depend on consistent delivery schedules and fresh product standards, making operational performance a key competitive advantage.
Hana Leadership Sees Strong Alignment on Quality and Innovation
Eduardo Romero, Chief Executive Officer of Hana Group SAS, expressed confidence that the partnership with EAT HAPPY and One Rock reflects a shared commitment to quality and innovation.
Romero noted that One Rock’s experience investing in and scaling food and beverage businesses could add significant value. Combined with EAT HAPPY’s platform, Hana believes the partnership would strengthen its capabilities and help the business continue to meet customer and partner needs at a high level.
The statement reflects how Hana views this transaction not as an exit from the European market, but as an opportunity to join a larger and more scalable platform. By combining operations, Hana’s European business could potentially gain access to broader distribution methods, additional retail formats, and new ways to expand product offerings.
One Rock Capital Partners Supports the Opportunity in a Growing Market
One Rock Capital Partners, a private equity firm with experience in the food and beverage sector, is expected to provide strategic investment support for the combination.
Tony Lee, Co-Founder and Managing Partner of One Rock, stated that the firm sees a strong opportunity to support the merger of two well-established businesses operating in a resilient and expanding end market.
Lee emphasized that both EAT HAPPY and Hana’s European operations have built strong partnerships and operating platforms, making the combination an attractive investment. He also highlighted One Rock’s interest in working closely with management teams to support the integration and continued development of the combined business.
The firm’s involvement suggests that the transaction is not only a strategic operational move but also a long-term investment in a category that continues to grow across Europe. Demand for fresh sushi, pan-Asian meals, and healthier ready-to-eat convenience food has increased significantly in recent years, driven by changing consumer lifestyles and retail innovation.
Permira’s Role and the Evolution of Hana’s European Business
Funds advised by Permira, a London-based investment firm, have been the majority shareholder of Hana Group since 2019. During this period, Hana’s European operations experienced significant expansion.
Under Permira’s ownership, Hana broadened its footprint across Europe, strengthened retail partnerships, and scaled its operations to serve a wider customer base. This growth helped Hana become a major player in the European sushi and Asian cuisine-to-go market.
The contemplated transaction represents a full realization of Permira’s investment in Hana’s European operations. This means that Permira is expected to exit its stake in Hana’s European business once the transaction is completed.
However, Permira will remain invested in Hana’s U.S. business, indicating continued confidence in Hana’s growth prospects outside Europe. This also suggests that Hana’s global operations may continue to evolve with separate regional strategies tailored to different markets.
Permira Highlights Strategic Value Built Over Years
Pedro López, Partner at Permira, reflected positively on the firm’s involvement in Hana’s European expansion. He expressed pride in supporting the development of Hana’s European operations and noted that the business is now well positioned for the future.
López described the contemplated combination with EAT HAPPY, along with the strategic investment from One Rock, as a reflection of the value created through years of growth and strategic development.
His statement indicates that Permira views this transaction as a strong outcome, showing that the European business has matured into a valuable platform capable of joining forces with another leading player in the industry.
Permira’s continued investment in Hana’s U.S. business also signals that Hana remains a growth-focused organization, with strong potential in other markets.
A Strong Future Outlook for Fresh Asian Convenience Food in Europe
The planned combination between EAT HAPPY and Hana’s European operations comes at a time when demand for fresh and convenient food continues to rise across Europe. Consumers increasingly seek meal solutions that are fast, healthy, and globally inspired. Sushi and pan-Asian cuisine-to-go options have become staples in supermarkets, convenience stores, and urban retail formats.
By joining forces, the companies aim to build a stronger platform that can deliver scale, innovation, and operational excellence. The ability to offer multiple formats, including fresh in-store preparation and chilled ready-to-eat products, could help the combined business become a preferred partner for European retailers looking to expand their fresh food offerings.
With One Rock providing strategic investment support, the platform could also accelerate investment in supply chain improvements, technology, production efficiency, and product innovation.
If successfully completed, the transaction has the potential to reshape the European fresh Asian convenience food market, setting a new benchmark for scale, flexibility, and quality.
Conclusion: A Strategic Combination With Significant Industry Impact
The contemplated transaction between EAT HAPPY and Hana’s European operations represents a major development in Europe’s fresh sushi and pan-Asian convenience food segment. By combining complementary geographic strengths and operational capabilities, the companies aim to build a highly scalable platform that can serve thousands of retail points across the region.
With the backing of One Rock Capital Partners and the transition of ownership from Permira’s European investment, the combined business is expected to enter a new phase of growth and expansion.
While the transaction remains subject to works council consultations and regulatory approvals, the strategic intent is clear: create one of Europe’s most comprehensive and flexible fresh Asian convenience food platforms, built to meet growing consumer demand and strengthen retail partnerships for years to come.
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