CLSA Capital invests in Japan beauty contact lenses maker

The GP backed the company through its second Japan-focused buyout fund, Sunrise Capital II, which closed at $210 million in November 2014.

The El Dorado Group was founded in Japan in 2007 when contact lenses became a fashion statement. The lenses are popular with young women as they can change the wearer’s natural eye color and shape, giving them a wide-eyed, doll-like look. In 2015, the group established a Hong Kong presence to handle the sales of its products within Asia, mainly targeting Hong Kong and mainland China.

Operating under multiple brands such as Candy Magic and ReVia, the company distributes its products nationwide through contact lens specialty stores, drug stores, discount stores and general merchandise stores, in addition to various e-commerce channels.

As part of the agreement, the El Dorado Group will retain the existing management team, company names, and brand names. CLSA CP will work closely with the management team to pursue further growth both domestically and overseas, it said in a statement.

CLSA CP closed its latest Japan fund – Sunrise Capital III – last month at the $400 million hard cap. The Sunrise funds primarily target leveraged buyouts of companies with enterprise valuations of JPY5-15 billion ($44-133 million). They invest across sectors such as consumer products, healthcare, retail, logistics, and manufacturing, leveraging the resources of CLSA’s global network.

Including the El Dorado Group, Sunrise funds have completed investments in 11 companies since the first vehicle was established in 2006.

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• Topics
• North Asia
• Consumer
• Buyouts
• Expansion
• Japan
• China
• Asia
• Hong Kong (China)
• CLSA Capital Partners