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Marunouchi exits Japan supermarket chain to Lawson for $501m

  • Andrew Woodman
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Marunouchi Capital - the private equity arm of Mitsubishi Corp - has exited Japanese high-end supermarket chain Seijo Ishii to convenience store operator Lawson for JPY55 billion ($501 million) including debt.

Established in 1927, Yokohama-based Seijo Ishii has 120 outlets, mainly in the Tokyo metropolitan area and in the Kansai region. It specializes in selling imported grocery products such as wines, cheeses, cured meats and confectionary. The company posted sales of JPY54.4 billion and an operating profit of JPY3.3 billion for the year ended December 2013.

Marunouchi Capital bought Seijo Ishii for a reported JPY40 billion in February 2011 from restaurant chain operator Reins International, a subsidiary of Rex Holdings. At the time, Rex was owned by mid-market GP Advantage Partners.

The sales process for Seijo Ishii started in May, with other suitors for the chain said to include department store operators Aeon and Isetan Mitsukoshi.

Lawson is the second-largest convenience store chain in Japan after 7Eleven. According to a release, the deal - expected to be completed in late October - will help Lawson further diversify and expand its retail network. The company is using cash and bank loans to finance the transaction.

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