Bain set to acquire Japan's Skylark for $3.4b

According to Reuters, the acquisition is poised to be the largest buyout in Japan since the onset of the global financial crisis in 2008. Reports that Bain and was in late-stage negotiations with Nomura to purchase its 78.6% stake in Skylark surfaced in March. Those discussions were stalled after the tsunmani, leading bank lenders to temporarily withhold their financing, and were further delayed in August after an outbreak of dysentery led to the closure of 120 outlets.

The finalized plan looks to be announced by the end of the month, sources told the newswire.

Nomura Principal, a unit of Nomura Holdings, invested in Skylark in 2006 through an management buyout alongside CVC Capital Partners, for approximately JPY380 billion ($3.19 billion at historical rates). Nomura purchased a 77.76% stake in the company and CVC bought 20.96%. It was touted as one of the highest-priced investments by a private equity firm in Japan.

Skylark launched in 1970 as a family-style restaurant, akin to American eateries such as Denny's. In March, Syklark claimed 3,399 restaurants under 48 different brands name under management, including Kozo Sushi Chain and Gusto.

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• Topics
• North Asia
• Buyouts
• Consumer
• Bain Capital Asia
• Japan
• buyout
• Consumer