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Aspirant Group to acquire Japan's Sagami

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Japanese private equity firm Aspirant Group has committed to a JPY1.2 billion ($12.3 million) investment to take a 54% stake in Tokyo-listed kimono retailer Sagami.

Aspirant will also assume Sagami's debt to the vending shareholder, UNY Group, for JPY1.8 billion, establishing a total deal consideration of about JPY3 billion. According to a statement, UNY has agreed to sell its entire 54% holding in Sagami at JPY65 per share. The stock closed at JPY80 yesterday and was last trading at JPY94.

Established in 1949 as a boutique kimono dealer and listed on the Tokyo Stock Exchange in 1985, Sagami markets a range of women's clothing, with a focus on kimonos, as well as accessories and jewelry. It is understood to operate more than 400 outlets nationwide. The company will remain publicly listed after the transaction, which is expected to be settled in October.

Aspirant is investing via its AG2 fund, a successor to its AG Investment vehicle which reached a first close of JPY7.8 billion in 2013. The firm was founded in 2012 and focuses on expansion, growth capital, turnaround and restructuring investments within Japan.

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