CLSA exits Japanese used car auction operator
CLSA Capital Partners, the alternative asset management arm of Hong Kong-headquartered brokerage and investment group CLSA, has fully exited its stake in Japanese used car auction operator Mirive.
CLSA's stake in Mirive, representing 100% of the company's shares, was bought by MR Holdings, according to a release. The firm bought Mirive, then called BCN, from Chubu Motor Sales for $20 million in 2013.
During its holding period, CLSA has implemented various initiatives to enhance the quality of Mirive's services while supporting the company's management. CLSA's support has seen Tokyo-based Mirive steadily expand its auction success rates and volumes.
The GP made its investment in Mirive through its Sunrise Capital II fund, a middle market-focused vehicle that launched in 2012 and closed in 2014 at $210 million. The fund seeks buyout opportunities in small and mid-cap Japanese companies across a variety of sectors with potential for expansion both within Japan and overseas.
Other investments from the fund include the purchase of school operator BC Ings for an undisclosed amount earlier this year, and last year's purchase of Worldtool in a deal that valued the company at around JPY10 billion ($82.8 million).
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