DBJ invests $14m in Japan's Diamond Electric
The Development Bank of Japan(DBJ) has invested JPY1.5 billion ($14 million) in Diamond Electric, a Tokyo-listed electronic devices manufacturer, for a 49.5% a stake.
According to a disclosure, DBJ subscribed to 150 Class A preferred shares through UDS III Corporate Mezzanine, a JPY 33.6 billion vehicle launched in 2008 with backing from Mitsui Banking Corporation and Sumitomo Mitsui Finance & Leasing.
Diamond Electric was founded in Osaka in 1940 as a manufacturer of automotive ignition coils. The business has since expanded across several lines making ignition and electric parts for cars as well as components for a range of household electronics including air conditioners, kerosene heaters, power generators and lithium ion chargers.
The company listed on the Osaka Sercurities Excange in 1996 and today has operations across Japan in addtion to overseas bases in the US, China, India and Hungary. Its clients include the Chrysler Group, Toyota, Mitsubishi Motors, Ford and Toshiba. The investment will be used to deleverage the business and pay off long-term debt.
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