Polaris buys Kanto-Unyu for $64m - report
Mid-market private equity house Polaris Capital Group has reportedly purchased Japanese trucking company Kanto-Unyu Co. for an estimated JPY5 billion yen ($64 million).
The share capital was acquired from Kanto's parent company, according to the Nikkei's trade journal.
Kanto generates an annual consolidated turnover of JPY15 billion and employs a staff of 1,500. Its activities include providing freight, haulage and transport services, long-distance trucking, packing and crating, and refrigerated warehouse storage solutions.
Earlier this year, Polaris acquired a 100% stake in another Japanese company, domestic food chain operator Samukawa Food Planning Co. Although the deal size was not disclosed by Polaris, reports suggest the price was between JPY6-7 billion. The SME-focused fund purchased all of its shares from the company's founding family. Tokyo Star Bank, which is majority owned by Tokyo-based Advantage Partners, reportedly provided finance for the deal.
Tokyo-based Samukawa manages 11 brands, including Toriyoshi, a popular grilled chicken restaurant.
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