Unison buys Japanese hair treatment specialist

The size of the transaction was not disclosed. Unison committed capital from its fourth fund, which closed at JPY70 billion ($652 million) in 2015. It is one of relatively few PE investments in Japan’s beauty products market in recent years, according to AVCJ Research, although the deal comes just a couple of months after The Carlyle Group backed local cosmetics player Tokiwa. In both cases, international expansion is part of the thesis.

Pyuru occupies a specific market niche as the leading producer of hair dyes made of additive-free ingredients. Its flagship brand is Rishiri, named after a volcanic island off the northern coast of Hokkaido from which many of these ingredients are sourced. A key component is kombu, an edible kelp or brown algae seaweed. Extract of kelp is said to provide color and natural moisture.

The company, which was founded in Fukuoka in 1998, also operates as an original equipment manufacturer (OEM), supplying skincare, haircare, make-up, healthy eating and pet care products to other brands. Unison said in a statement that it plans to support an expansion of the Rishi brand domestically and overseas, while also pursuing new product development initiatives and growth opportunities for the OEM business.

Consumer and healthcare are the mainstays of Unison’s Fund IV portfolio. The private equity firm owns restaurant chains Dinamix and Sukesan, hotel and restaurant operator Hotel Wing International, accommodation booking service Yuko Yuko Corporation, off-patent drug producer LTL Pharma, and a roll-up platform for pharmacy chains. Construction materials retailer Ken Depot Corporation has already been exited.

Unison is also set for a bumper exit from its third fund, following a recent agreement to sell Ayumi Pharmaceutical Corporation to The Blackstone Group. The GP bought the business in 2015 and led a full-scale restructuring that involved the sale of a non-core dental products division and the purchase of an anti-rheumatic drug business from Santen Pharmaceutical.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• North Asia
• Consumer
• Buyouts
• Japan
• Unison Capital