Japanese private equity firm Advantage Partners has fully exited its investment in kitchenware supplier FMI Corporation to domestic food wholesaler Toho Co Ltd.
The transaction, which is expected to complete in July 2020, will see FMI become a wholly-owned subsidiary of Toho, the latter said in a May 25 announcement.
The value of the deal remains undisclosed.
Toho, which currently holds 73.2 per cent in FMI, said the purchase of the company’s remaining shares will fulfil its business supply chain. Advantage Partners-managed funds own another 21.8 per cent while FMI chief executive officer Takeo Kimoto holds 5 per cent in the firm.
Advantage Partners had acquired FMI in 2014 with terms that Kimoto would re-invest in the business and remain as CEO. Subsequently, in 2018, Toho acquired a majority stake in FMI.
Founded in 1971, FMI imports and sells commercial kitchen equipment and provides after-services. The company also produces its own branded products.
Prior to the FMI exits, Advantage Partners has offloaded its shareholdings in Japanese companies such as Net Protections Holdings ICI Ishii Sports and Fasford Technology.
Last month, the PE firm closed its oversubscribed sixth local buyout fund at 85 billion yen ($790 million). In 2018, it had raised a $380-million Asia Fund.