iSigma exits Japanese auto parts maker for $99m
ISigma, a mid-size buyout firm controlled by Japanese trading and investment conglomerate Marubeni, has agreed to sell domestic automotive industry supplier Iino Manufacturing for JPY10 billion ($99.4 million).
According to a statement, the firm will exit the company to Tokyo-listed machinist Daido Metal, which is aiming to expand its business globally and advance its technological knowhow. The transaction is expected to close in November.
Established in 1948, Iino develops engine and transmission technologies with a focus on optimizing compact and lightweight designs. It services clients the Philippines, China, Indonesia and North America. Since 2013, new production plants have been established in China and Mexico.
The company was acquired by iSigma in 2013 for an undisclosed sum through the firm's first and second funds. According to AVCJ Research, these vehicles have raised JPY20 billion and JPY10 billion, respectively.
Marubeni formed its first buyout fund in Japan with Advantage Partners in 1997. It established iSigma in 2000 as a venture fund manager before redirecting the GP into buyout activities in 2006.
Recent investment activity includes the acquisitions of Japanese semiconductor equipment manufacturer Kyosemi and cybersecurity platform provider VarioSecure. Last year, the firm invested in industrial paint company Kohken.
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