New Horizon buys Japan cosmetics player from Ant Capital

New Horizon is investing via its third fund, known as NH-3, which was launched in May last year with a target of $229 million. The GP said it intended to retain the company’s existing president, Yukio Matsuki, while appointing new directors and outside corporate auditors to form a new organizational structure.

The deal provides an exit for Ant, which paid an undisclosed amount for the company in October 2016, when it was known as Sojitz Cosmetics, a subsidiary of conglomerate Sojitz Corporation. Ant had invested via its approximately $160 million Ant Bridge No. 4A secondaries vehicle.

Kagayaku is currently generating as much as JPY500 million ($4.6 million) in EBITDA, according to Mergermarket. Sales came to JPY 5.1 billion for the year ended March 2018, according to Shoko Research.

Kagayaku was initially established in 1986 as Nichimen Corporation and became part of Sojitz in 2004 before spinning out as a standalone subsidiary in 2007. Products encompass skincare, makeup, body care, oral care, and haircare. New Horizons said in a statement that it was attracted to the company’s reputation for product safety and would support expansion into new markets.

New Horizon invests companies with succession and business-reorganization needs with an emphasis on turnaround opportunities through restructuring.

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• Topics
• North Asia
• Consumer
• Buyouts
• Exits
• Japan
• New Horizon Capital
• Ant Capital Partners
• Secondaries