CITIC Capital exits Japan's Higashiyama Film to Otsuka Chemicals

The GP bought a 63.1% stake in Higashiyama from the Fukazu family in 2010 for $16.7 million and subsequently raised its stake to 96% in another transaction the following year. The investment was made via CITIC Capital Japan Partners II - the firm's second Japan cross-border focused buyout fund which reached a final close of JPY18 billion ($154 million) in 2011.

Founded in 1949, Higashiyama processes and manufactures coated films for various industrial applications, including touch panels, flat panel displays and home appliance parts. In more recent years the business has sought to capture surging demand in the rest of the region, specifically China.

According to a release, CITIC worked closely with the management team to refine strategy, enhance management infrastructure and improve production efficiencies. This included building a large manufacturing facility in 2012 in order to capitalize on rising Asian demand for coated film products.

CITIC Capital Partners, the private equity arm of CITIC Capital Holdings, operates in China, the United States and Japan, and currently manages about $2.6 billion.

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• Topics
• Technology
• North Asia
• Exits
• Technology
• Japan
• Exit
• CITIC Capital
• manufacturing