CLSA buys Japan parking lot operator
CLSA Capital Partners (CLSA CP) has acquired 100% of Ecolo Holdings, a Japanese parking lot business that operates primarily under the name Ecolocity.
CLSA CP invested via its Sunrise Capital III fund, which closed in 2017 at $400 million with a view to acquiring Japanese companies with enterprise valuations of JPY5-15 billion ($46-137 million) and strong potential for domestic expansions. The firm does not plan to make any material changes to the management or operations of Ecolocity.
Established in 1996, Ecolocity operates and manages time-charge coin-operated parking lots under the brand name Ecolopark as well as monthly contracted parking lots. According to a statement, the company manages approximately 3,500 coin parking lots nationwide with a large footprint in the greater Tokyo area.
CLSA CP identified the company has having a high level of trust with drivers and real estate owners, as well as a steady track record in lot acquisition and development. The GP has projected growth in Japan's coin parking lot space, citing ongoing demand for urban transport infrastructure support, especially in the Tokyo area.
The Sunrise funds target across sectors including consumer products, healthcare, retail, manufacturing, and logistics. Recent investments include online appliance retailer Moa Group and uniform rental business Marubeni Mates. Last year, CLSA CP agreed to invest at least JPY10 billion in beauty salon chain Agu Group via Sunrise III.
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