Odyssey Private Equity is preparing for the sale of Japanese quick service chain Sushi Sushi and its network of over 190 stores.

According to the Australian Financial Review, the company has engaged Luminis Partners to consider sale options, with sources saying the adviser will seek to field offers above the $174 million mark.

The team hopes to attract local private equity-backed names such as Adamantem’s Retail Zoo Craveable Brands, and offshore players. Affinity Equity Partners could also be on the list.

The flyer handed to potential buyers positions Sushi Sushi as a leading quick-service business, with revenue expected to reach $218 million by the next financial year.

Founded in 1998, Sushi Sushi has more than 190 locations, 60 per cent of which are franchised. Odyssey acquired the chain in 2019.

Last June, Sushi Sushi acquired Sushi Musa and its nine stores in suburban development areas in Sydney, Newcastle, and Canberra. 

The chain later announced that it planned to open 35 stores in New Zealand over the next 10 years after signing a deal with a new master franchisee.

The company recently appointed Karla Shand, who was previously national franchise sales manager at Soul Origin, as GM of franchise development.