Longreach reaps 60% IRR on Sanyo Logistics sale
The Longreach Group has reaped an IRR of 60% and a money multiple of around 2.5x on its 24.2 billion yen ($300 million) sale of Japanese logistics company Sanyo Electric Logistics.
The Hong Kong-headquartered private equity firm sold the 95% stake it acquired in July 2010 to Sanyo Logistics' local competitor, Mitsui Soko. Market sources cited the appearance of a willing trade buyer as the reasoning behind the short holding period.
Mitsui Soko, which began as a warehousing company in 1909, purchased the remaining 5% of Sanyo Logistics' equity from its parent company, Sanyo Electric, which was itself acquired by Panasonic in November 2009.
Longreach originally took the logistics subsidiary private 18 months ago. When it was delisted from the JASDAQ board, Sanyo Logistics' total value was estimated at around JPY17.9 billion ($195 million).
Longreach aimed to work with the firm to establish a comprehensive outsourced logistics offering that covered logistics services for sales, production and procurement operations, as well as cultivating an overseas business platform outside of Japan.
More on North Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.