Carlyle set for another partial exit from Japan's Chimney

According to a regulatory filing, the PE firm will sell 9.5 million shares with the top of book price is set at JPY1,510 a share - representing a 51.6% premium on the three-month average price and a 53.6% premium on the six-month average. The proposed transaction will see Yamaya - which already has a 1.56% share in the business - increase its holding to 50.22%.

Carlyle, which currently owns 48.42% of the company, previously exited part of it stake when it re-listed Chimney on the Tokyo Stock Exchange in December last year - three years after the company went private. Carlyle sold holdings equivalent to 53% of the total shares issued, of which about 7% was an over-allotment. The IPO price was JPY945 per share.

The private equity firm paid JPY21 billion (then $232 million) to delist Chimney in 2009, supported by JPY11.2 billion in loans from Bank of Toyko-Mitsubishi, Mizuho Bank and Development Bank of Japan. The investment was made via Carlyle Japan Partners II, a $2.2 billion vehicle, which reached a final close in July 2006.

Chimney specializes in Japanese style pub-restaurants, of which Hananomai and Sakanaya Dojo are its principal brands. It also operates contract dining services inside public offices. The group had JPY65.7 billion in annual sales in the financial year ending 2013.

 

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• Topics
• North Asia
• Buyout
• Consumer
• The Carlyle Group
• Japan
• buyout
• Consumer