Mizuho exits Japan Pure Chemical
Mizuho Capital Partners Co., the private equity affiliate of Japanese lender Mizuho Group, has sold its remaining 5.4 % stake in investee Japan Pure Chemical Co, reportedly to an unnamed US pension asset management firm.
The Japanese fund acquired 81% in the company, which manufactures and develops chemicals for coating contacts and connectors of electronic components with precious metals, in 1999 through an MBO for ￥1.45 billion ($16.6 million). After the portfolio company went IPO in 2002, the investment firm gradually decreased its holdings. Mizuho Capital is believed to have received ￥8 billion ($91.5 million) in total from its successive exits.
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