J Will Partners sells Japanese senior home
J Will Partners, a Tokyo-based private equity fund specializing in corporate revitalization, will sell its entire holdings in Bon Sejour, a Japanese operator of nursing homes for senior citizens, to Benesse Holdings, a Japanese company focused on education, lifestyle, nursing and language education, by end March this year.
The fund's luxury portfolio nursing home chain is operated under the Bon Sejour brand, with 28 homes, including 11 homes in Tokyo and 9 in Kanagawa. J Will was formed by former managing director at Goldman Sachs Securities Masanori Sato and Japanese economist Ryuji Yasuda in 2003, and manages about JPY 200 billion ($2.2 billion). The value of the deal was not disclosed, but Carlyle Asia Real Estate Partners paid JPY14.6 billion ($160 million) for four assets of Bon Sejour Grand Resident, another high-end nursing home of the Bon Sejour brand located in an up-market area of Tokyo, previously owned by Goodwill Co., a failed nursing business operator, in 2008.
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