J-Star acquires Japan pet services company

According to a statement, the firm has acquired 100% of the company’s shares, excluding treasury shares. The transaction was realized as a bolt-on of existing portfolio company JVCC, which was established to organize Japan’s fragmented and decentralized veterinarian industry.

Founded in 2006, Fuji Field operates three vet clinics with attached pet salons, as well as seven separate pet salons, across Tokyo and Kanagawa. Services span surgery, cancer treatment, overnight care, shampooing and grooming. It claims to have serviced more than 35,000 customers at its trimming salons last year.

JVCC was invested by J-Star’s third buyout fund, which achieved a first close of $150 million in December and is targeting a $300 million corpus. The vehicle, along with co-investors, will invest in more than 10 companies with deal sizes in a range of JPY1-10 billion ($9-90 million).

Japan’s pet market is typically valued at around JPY1.4 trillion a year, with animal life expectancy rates considered higher than the global average due to more dogs and cats being kept indoors. J-Star has previously invested in this space by paying JPY1.8 billion for a 75% stake in Tokyo-based pet products seller Three Arrows in 2012.      

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• Topics
• North Asia
• Consumer
• Buyouts
• Japan
• J-Star
• M&A