Unison to exit Japan wine retailer Enoteca to Asahi

AVCJ Research data show that Unison acquired a 96.3% stake Enoteca - which was previously listed on the second section of the Tokyo Stock Exchange - in a $73 million take private transaction in 2011; the investment was made in via the firm's third fund.

Established in 1988, Tokyo-headquartered Enoteca is engaged in the import and wholesale of wine. The company also sells its wine via its website with 45 outlets in Japan, seven in Hong Kong, seven in Shanghai, and one each in Singapore and Korea. According to a statement, Enoteca saw a 20% jump in sales in the financial year ended March 2014 to JPY17.3 billion ($145 million) from JPY14.4 billion the previous period.

The transaction - which is expected to conclude in March - will allow Asahi to tap into Japan's growing demand for wine. According to a 2014 report by Wine Intelligence, the average Japanese adult consumed just over three litres of wine in 2013, an 11% increase on the previous year and more than double what was consumed by the Chinese.

This is understood to be the third exit by Unison in the past 12 months. The GP was reported to have exited the last of its stake in semicinductor firm Covalent Materials - alongside The Carlyle Group - in December, having already exited a partial stake via the sale of the company's AV distribution platform to Hibino Corp the previous February. The company also sold its stake in real estate management firm IDERA Capital Management to China's Fosun Group in May.

The GP reached a JPY45 billion first close on its fouth Japan buyout vehicle in September. The fund expecting a final close of JPY75 billion.

 

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• Topics
• North Asia
• Exits
• Consumer
• Buyout
• Japan
• Consumer
• Unison Capital
• buyout
• Exit