Integral buys Japanese contact lens maker

It comes two weeks after the finalization of the acquisition of domestic software and IT consulting business Mamezou Holdings. Integral had agreed to purchase Mamezou via a tender offer two months ago at a valuation of JPY34.4 billion ($320 million). 

Integral describes T-Garden as a pioneer in the colored contact lens market that has steadily developed a string of popular brands since the launch of its AngelColor line in 2005. According to a release, the private equity firm will support further growth in part by developing overseas business and strengthening e-commerce channels. T-Garden’s existing management will continue to lead the company. 

Contact lenses represent a discrete investment category in North Asia’s competitive beauty and cosmetics space. Previous activity in this niche includes VIG Partners agreeing to buy a 42% stake in Korea’s Star Vision for around $130 million in 2018. VIG cited a 21%-per-year expansion rate in the local beauty lens market during the prior five years, which was almost twice as fast as the growth rate of the overall contact lens market.

Integral is currently investing its third Japan middle-market buyout fund, which closed at JPY73 billion in 2017. The firm differs from most Japanese GPs in that it puts balance sheet capital into transactions alongside fund capital and uses a dedicated corporate value enhancement team. It has made three investments so far this year, including T-Garden, Mamezou, and the acquisition of conveyor belt part manufacturer JRC.

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• Topics
• North Asia
• Consumer
• Buyouts
• South Korea
• Integral Corp.
• manufacturing