Ant Capital buys Japanese cosmetics business

The investment was made through Ant Bridge No. 4A Investment Limited Partnership, which according to AVCJ Research closed earlier this year at JPY16.7 billion ($163 million) and primarily targets secondary deals. The private equity firm said in a statement that it would support the continued development of Kagayaku under its existing management team, led by Yukio Matsuki.

The company was a subsidiary of Sojitz Corporation, a Japanese conglomerate with interests ranging from machinery and mineral resources to consumer goods and chemicals. The business was established in 1986 as Nichimen Corporation and became Sojitz following a merger with Nissho Iwai in 2004. Three years after that it was spun-out into a standalone subsidiary.

Kagayaku is known for skin whitening and moisturizing products sold under the Berushio brand as well as the Solo Solo cosmetics line. In addition, the company has pushed into Southeast Asia, releasing the Naturecia skin cream in Indonesia last year.

Established in 2000, Ant Capital pursues succession, carve-out and restructuring opportunities involving Japanese small to medium-sized enterprises, as well as a combination of traditional and direct secondary investments.

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• Topics
• North Asia
• Buyouts
• Consumer
• Ant Capital Partners
• Japan