CVC sells Minit to Unison Capital
CVC Capital Asia has succeeded in exiting shoe repair chain Minit Asia Pacific to Tokyo-based Unison Capital, reportedly after two failed attempts to sell the company.
Unison has agreed to buy all the shares in Japan-based Minit Asia for an undisclosed price, Reuters reported.
The deal comes two months after CVC hired Mizuho Securities to advise on the sale of Minit, which operates 500 service chains in Australia, New Zealand, Singapore, Hong Kong and Shanghai. As part of that process, Mizuho sent invitations for first-round bids, which has now resulted in a secondary sale.
The private equity firm has been trying to sell Minit since late 2008, but buyers had not materialized partly due to economic downturn. The sales process re-emerged in early 2010 when CVC received bids of up to JPY15 billion ($195 million).
Previously, US Buyout fund Advent International Corp, Japanese private equity firm Wise Partners and a strategic buyer have bid for the asset.
CVC bought Minit in 2006 as part of parent group CVC Capital Partners' buyout of Belgium-headquartered Minit Group, the global operator of the Mister Minit brand. At the time, it had more than 2,000 stores worldwide.
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