Shinmei, which owns Japanese restaurant chain Genki Sushi, will buy a one-third stake in bigger rival Sushiro Global Holdings from European private equity firm Permira.

Nikkei Business Daily says Permira has agreed to sell its stake in Sushiro Global, which it bought from Japanese private equity firm Unison Capital in 2012, to Shinmei.

Permira, which paid about ¥80 billion (US$708.5 million) for Sushiro, boosted the value of the company by cutting costs on fish ingredients by using its global network.

The market for Japan’s conveyor-belt sushi market is expected to grow by about 25 per cent to ¥625 billion this year from ¥500 billion in 2012, according to research firm Fuji Keizai.