Bain could buy Skylark in Japan
US-private equity firm Bain Capital has emerged as a potential buyer of Skylark Co, a restaurant chain operator in Japan, from Nomura Principal Finance, the investment arm of Japanese securities group Nomura Holdings, which currently owns 78.6 % of the restaurant chain.
The deal size could be worth JPY280 billion ($3 billion), including debt. Negotiations are apparently in final stages, according to Reuters. Industry source told AVCJ that the sale was being made post a decision to restructure Nomura’s investment operations. Nomura Principal originally invested in Skylark in 2006 through an MBO alongside UK private equity firm CVC Capital Partners for around JPY380 billion ($3.19 billion at historical rates). Mizuho Bank provided JPY220 billion ($1.84 billion) in loans for the MBO.
Recent deals in the retail food chain industry include Bain Capital’s taking a 44% stake in Domino Pizza, the US originated franchised pizza delivery service chain for about JPY6 billion ($72.4 million) in January last year.
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