CLSA exits Japan apparel business Baroque to CDH, Belle International
CLSA Capital Partners has exited its majority stake in apparel business Baroque Japan to China's CDH Investments and Chinese women's shoe retailer Belle International.
According to a filing, Belle has agreed to acquire a 31.96% of the total issued and outstanding shares of Baroque for $93.963 million. CDH has agreed to acquire an additional 23%, however the total amount was not disclosed.
Following the acquisition Belle will establish a series of joint ventures with Baroque to develop the apparel and accessories business in China. The total investment including the formation of joint ventures will not exceed HK$924 million ($119 million)
The transaction represents a full exit for CLSA which previously held a 54.96% stake which it acquired through CLSA Sunrise Capital in 2007 for an undisclosed amount.
CLSA Sunrise Capital is a 2006 vintage fund which reached a final close of $350 million the same year.
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