
Covalent partial-exit marks end of an era
The name Toshiba Ceramics is firmly rooted in the golden age of Japanese private equity. In 2006, The Carlyle Group and Unison Capital bought the company from Toshiba Group for JPY91 billion ($774 million at the time) in what was one of the most expensive and most highly leveraged transactions of a period in which foreign buyout firms ran rampant. The leverage, which amounted to JPY65 billion, was provided by Royal Bank of Scotland, Mizuho Corporate and Sumitomo Mitsui Banking.
Now Carlyle and Unison are selling roughly half their stake in the company - which was renamed Covalent - to Taiwan-based solar wafer manufacturer Sino-American Silicon Products (SAS) for JPY35 billion...
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