One Rock Capital Partners has acquired Hana Group and Eat Happy Group, consolidating two of Europe's most widespread Asian foodservice operators under single private equity ownership.

The deal brings together two businesses built on the sushi and Asian kitchen counter model that has expanded rapidly across European grocery retail over the past two decades. Hana Group operates sushi and Asian food counters inside major supermarket chains across France, the United Kingdom, Spain, Italy and Poland. Eat Happy Group holds a comparable position in the Italian market, where it supplies fresh sushi and ready-to-eat Asian products through supermarket concessions and retail partnerships.

For One Rock, a New York-based private equity firm focused on operational turnaround and industrial-scale businesses, the acquisition marks a further push into European foodservice. The firm targets companies where it can apply hands-on operational improvement, and consolidated ownership of two counter networks with overlapping retail channels offers clear synergy potential in procurement, logistics and category management.

The transaction is significant for European grocery and travel retail operators. Sushi counters have become one of the highest-margin fresh food categories in supermarkets, generating strong like-for-like growth in stores where they are installed. Food-to-go has been one of the fastest-growing segments of European grocery since the pandemic, and Asian fresh food counters occupy prime positions in that segment, particularly in France and Italy where both groups hold strong market positions.

Consolidation under One Rock signals continued private equity appetite for scalable food-to-go platforms despite inflationary pressure on raw materials such as salmon, rice and packaging. Input costs for sushi operators rose sharply in 2022 and 2023, squeezing margins at counter level and prompting operators to renegotiate supply contracts and push volume through larger retail estates.

The combined entity gains stronger negotiating leverage with salmon suppliers and rice importers, which could accelerate price competition at retail level and pressure smaller independent counter operators across core European markets.

For supermarket chains partnering with the groups, the change of owner raises questions about concession terms and rollout commitments. Retailers have increasingly used fresh food counters as traffic drivers in urban convenience formats, and a financially consolidated operator with private equity backing is positioned to fund faster counter expansion into additional store estates and new markets.

The transaction also reflects broader consolidation in European foodservice following a sequence of private equity acquisitions in the food-to-go and grab-and-go categories since 2021. Investors have targeted businesses with recurring supermarket concession revenue, which offers more stable cash flow than high-street food retail exposed to footfall volatility.

Financial terms of the acquisition were not disclosed in the announcement. One Rock has not yet detailed its integration plan for the two groups, including whether the Hana Group and Eat Happy Group brands will be retained as separate retail-facing identities or unified under a single operating structure.

Integration steps, management appointments and any rebranding decisions are expected to be communicated by One Rock in the coming months as the firm sets out its operational agenda for the combined platform.