Japan's Advantage exits telemarketing business

The size of the transaction was not disclosed. The GP is currently deploying its third Japan mid-market fund, which closed at JPY73 billion ($670 million) in April. It pursues control opportunities that involve succession, turnaround and growth capital situations as well as supporting management buyouts and corporate carve-outs.

Founded in 2007, CRTM primarily provides outbound marketing and promotion services, helping companies acquire new customers and maintain relationships with existing ones. It also handles inbound inquiries from customers, provides temporary staffing solutions and a range of sales support and back-office services.

The company has expanded continuously since inception and now employs approximately 2,500 people – including part-time staff – across four locations. Advantage claims to have helped CRTM implement a new growth strategy and enhance its management control systems.

The PE firm invested through its bridge fund, which closed at JPY20 billion (then $200 million) in 2013. This is the second exit from that vehicle in a fortnight, following the sale of massage chain operator Riraku for an enterprise valuation of $300 million. The investment generated a 12x multiple and enabled Advantage to return more than the entire capital of the bridge fund.

Advantage closed its fifth mid-market buyout fund earlier this year at the hard cap of JPY60 billion.

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• Topics
• North Asia
• Trade sale
• Support services
• Advantage Partners
• Integral Corp.
• Exit
• Japan