Japan's Next Capital Partners gets 4x return from KASCO exit
Next Capital Partners (NCP), the Japan-based mid-market control turnaround manager, will sell portfolio company KASCO Co., Ltd, a Japanese golf-related equipment manufacturer, to Mamiya-OP Company Ltd. (Mamiya), a listed Japanese manufacturer of electronic equipment and sporting goods, for JPY2.1 billion ($25.86 million).
The agreed exit with Mamiya will give NCP a gross return of 4.0x and 40% IRR on the investment, which it originally made for JPY505 million ($6.2 million) in September 2006. Based in Shikoku, KASCO specializes in manufacture of golf gloves and other branded golf equipment consumables including KASCO gloves, Kira balls, and Power Tornado and Pyra clubs.
When NCP acquired KASCO, the firm renegotiated debt with the company's banks, injecting fresh capital and backing the existing management team to rebuild the business. It also helped the company to restructure by tightening financial controls and improved operating efficiency, while minimizing job losses.
NCP has raised and is deploying commitments of over JPY30 billion (over $350 million) to date, including co-investment funds. Ex-Sony CEO Nobuyuki Idei, currently CEO of Quantum Leap Corporation, acts as an advisor to NCP.
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