ISigma buys Shinsouki from Riverside
ISigma, a mid-size buyout firm wholly owned by Marubeni Corp, has acquired a minority stake in Japan’s Shinsouki in a deal that represents an exit for The Riverside Company.
Riverside, which acquired Shinsouki in 2008, sold its stake in the coin parking lot operator company, realizing its first exit from Riverside Asia-Pacific Fund I.
The vendor supported the company - the largest operator of parking lots in Niigata City - in realizing a bolt-on acquisition of Tokyo-based MAOS in 2009, bringing the number of parking spaces under Shinsouki's control to more than 8,000. MAOS CEO Akihiko Masuda was appointed CEO of Shinsouki, which Riverside claims brought valuable management expertise into the company.
"This is a tremendously rewarding realization for a variety of reasons," said fund manager Stuart Baxter. "As the first platform investment Riverside ever made in the Asia-Pacific region, Shinsouki presented a unique opportunity for growth. We overcame a lot of macroeconomic challenges in Japan as we built the company into the success that it is today."
Riverside operating partner Tokihiko Mori worked with the portfolio company throughout the duration of Riverside's holding period to help implement new systems, oversee operations, and drive aggressive growth plans.
Shinsouki founder Yukio Tabuse said he is happy to see his employees motivated to achieve further growth under iSigma's ownership.
Riverside received M&A advice from Lincoln International on the sale, and legal counsel from Jones Day.
More on Buyouts
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.