Carlyle relists Chimney, completes partial exit
The Carlyle Group has completed a partial exit from Japanese restaurant chain Chimney having relisted the company on the Tokyo Stock Exchange three years after taking it private. It is the private equity firm’s first IPO in Japan this year, having abandoned two other offerings due to weak public markets.
Carlyle sold holdings in the company equivalent to 53% of the total shares issued, of which about 7% was an over-allotment.
The private equity firm paid JPY21 billion (then $232 million) to delist Chimney in 2009, supported by JPY11.2 billion in loans from Bank of Toyko-Mitsubishi, Mizuho Bank and Development Bank of Japan.
Chimney specializes in Japanese style pub-restaurants, of which Hananomai and Sakanaya Dojo are its principal brands. Chimney also operates contract dining services inside public offices. The group had 690 stores nationwide as of the end of November 2012.
Carlyle managing director Hiroyuki Otsuka plans to continue to serve as an external director to support the long-term development of Chimney.
"Carlyle has expended much effort on the company to build a new business structure for stable and sustainable growth." said Manabu Izumi, president of Chimney, in a statement. "Combined with our internal effort to improve management and operations, we were able to relist three years after the MBO. This marks a new era for Chimney to strive to achieve further growth and meet the expectations of all our shareholders."
The Japan IPOs Carlyle has failed to get off the ground this year are ball-bearing maker Tsubaki Nakashima and LCD display manufacturer AvanStrate.
More on Exits
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.