Unison Capital to delist Japanese wine importer
Japanese buyout firm Unison Capital will spend JPY6.2 billion ($75.4 million) to privatize currently listed Japanese wine importer and retailer Enoteca Co. through an MBO alongside H.C.B.C. Enterprises Ltd., an investment firm headed by George Joseph Ho, who is also on the wine company’s board.
As part of the deal, H.C.B.C. has taken a 20.51% stake in the buyout vehicle that Unison manages. Unison will pay JPY120,000 ($1,461) per share - a 46% premium over the company's February 2 closing price. According to a company's statement, Yasuhisa Hirose, CEO of the wine importer who holds a 27.87% stake, has agreed to sell all of his shares to Unison Capital. Aside from Hirose, Enoteca's shares have been held by VC firm Jafco Co., with a 3.81% stake, and foreign lenders including Morgan Stanley, Credit Suisse and HSBC.
The TOB will end on March 17, and, if successful, Enoteca would then be delisted. Nishimura & Asahi has been serving as legal advisor while Ernst & Young is the financial advisor. Founded in 1988, Enotea engages in wine importing, retailing, distributing and operation in cafes. It has 34 outlets in Japan and two overseas shops.
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