Permira shuts down Japan office
Permira is closing its Japan office, 17 years after establishing its first Asian foothold in Tokyo.
Mergermarket, AVCJ’s sister title, was informed of the development by sources familiar with the situation. Ryo Fujii, a partner and the firm’s head of Japan, is currently the only person listed as a member of the Japan team. Other investment professionals departed earlier this year, Mergermarket reported.
A spokesman for Permira said the firm's global sector-driven thematic investment strategy is unchanged, and the firm will continue to pursue opportunities in Japan selectively.
Permira hasn’t made an investment in the country since 2016 when it acquired a majority stake in John Masters Organics (JMO), a personal care brand with a sizeable presence in East Asia, and Styla, the company’s Japan distributor.
JMO ran into trouble in 2017 when it emerged that non-organic ingredients were being used in certain haircare and skincare products marketed as wholly organic. The company made a public apology and announced a voluntary product recall. Permira exited to its local partner in 2020. JMO was acquired by Aspirant Group, a Japanese middle-market private equity firm, earlier this year.
Other Permira investments in Japan include agrochemicals manufacturer Arysta LifeScience and sushi chain operator Akindo Sushiro. Both resulted in successful exits.
The private equity firm invests out of a global fund – the seventh flagship vehicle closed on EUR 11bn in 2019 – and focuses on technology, consumer, healthcare, and services. It targets assets across Asia from offices in Hong Kong, Shanghai, Seoul, Singapore, and Mumbai. The Mumbai presence was recently established following the recruitment of Siddharth Narayan from Warburg Pincus.
Permira has deployed over EUR 4bn (USD 3.9bn) across 12 investments in Asia to date. Recent activity includes the sale of corporate services provider Tricor Group to Baring Private Equity Asia for USD 2.7bn and participation in the USD 685m acquisition of Korean food delivery business YoGiYo.
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