SBI sells VSN for $117m
Japanese private equity firm SBI Capital has sold its Tokyo-based staffing firm VSN to Adecco, the largest staffing group in the world, for an enterprise value of EUR90 million ($116.8 million).
The deal is scheduled to complete during the first quarter of 2012.
VSN specializes in deploying registered engineers with skills in IT, information systems, electronics, and bio-technology. The company reported a turnover of EUR157 million in 2010.
SBI first acquired an interest in the then-listed business in March 2008, when it bought a 24.89% stake from Fusao Sekiguchi, channeling capital via its SBI Value Up Fund 1.
Then, in August 2010, SBI Holdings, Ant Global Partners and Stamford Growth Investments, a division of SBI's investment subsidiary, took VSN private, using their special purpose acquisition vehicle R-Holding. They acquired 2,964,175 shares of stock and 269,250 share warrants for approximately JPY2.75 billion, causing the firm to be delisted from the Tokyo Stock Exchange. The consortium took 95% of the company's voting shares.
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