Endeavor United to buy chemicals unit from Japan's Bridgestone
Endeavour United, a Japanese private equity firm established by the team behind turnaround investor Phoenix Capital, has agreed to buy Bridgestone Corporation’s chemical products solutions business for an undisclosed sum.
The unit manufactures automotive seat pads, advanced chemical products, and precision components for office equipment. A Philippines-based subsidiary that specializes in precision molding of components for office equipment will be sold to Endeavour United at a later date.
Bridgestone is divesting the assets as part of efforts to focus on its core competencies in tire manufacturing and related services. Chemical products solutions falls under the company’s non-tire diversified products division, which makes everything from automotive components and hydraulic hoses to bicycles and golf clubs.
The chemical solutions products business employed more than 4,000 people across Japan, the US, Thailand, Malaysia, China, and the Philippines at the end of 2020, according to a filing. Annual revenue was approximately JPY55.7 billion, versus JPY2.99 trillion for Bridgestone as a whole.
Endeavour United is currently deploying its second fund, a JPY35.1 billion ($320 million) vehicle that closed in 2018. The private equity firm raised JPY22.7 billion for its debut fund in 2016. The Endeavour team claims to have raised JPY300 billion across 11 funds and invested JPY260 billion in more than 50 companies since 2002, most of this activity coming under the Phoenix banner.
The private equity firm specializes in identifying management issues and providing remediation solutions, as well as developing mid-term management plans, supporting governance improvements, and pursuing management team augmentation and M&A opportunities.
Other investments completed this year include Shinwa Vanes, a manufacturer of heating devices, and digital services business Addix.
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