Japanese PE firm Advantage Partners fully exits kitchenware provider FMI Corporation

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.