CAS Capital to exits controlling stake in Japanese restaurant chain
CAS Capital will sell controlling stake in Japanese restaurant chain Kazokutei to H2O Retailing, a listed holding company of Hanshin and Hankyu Department Store Groups, through a tender offer buyout.
H2O has set a TOB price of JPY750 ($9.75), a 45% premium over a the three-month average. Should it acquire all issued shares by September 8, the deal would be worth a total of JPY52.7 billion ($68.5 million).
CAS Capital, a mid-market private equity firm, acquired a 57.17% holding in Kazokutei in 2007 but the restaurant chain has struggled recently. Kazokutei has tried to increase sales such as lowering price and value added coupons but it said in a release that downturn of restaurant business is still severe.
Endeavor Partners and Mercury General LPC and Partners have advised on H2O and Kazokutei, respectively.
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