<article>Japanese mid-market private equity firm <a class="tinymce-colortext" style="color: #000080;" href="https://www.dealstreetasia.com/tag/advantage-partners/">Advantage Partners</a> has disposed its majority stake in relaxation services operator Riraku.</article>

Japanese mid-market private equity firm <a class="tinymce-colortext" style="color: #000080;" href="https://www.dealstreetasia.com/tag/advantage-partners/">Advantage Partners</a> has disposed its majority stake in relaxation services operator Riraku.
The investor said in an announcement in Japanese that it had transferred the shares of AP Funds, a special purpose company which had been established to invest in Riraku.
Financial details were not disclosed, while the AVCJ said Advantage Partners secured a 12x multiple from the $300 million exit.
The shares are understood to be sold to Takehiro Takenouchi, a founding member of Riraku.
Advantage Partners initially acquired 75 per cent equity interest in the business for $50 million, including debt, in October 2013.
The stake was purchased from Riraku’s founder, chairman and CEO, and other shareholders.
Founded in 2010, Riraku operates 569 massage salons nationwide as of August 2017.
Advantage Partners was established in 1992 and has since launched five buyout funds. The latest 60 billion yen Fund V Series Funds, introduced in May 2017 was oversubscribed by banks, asset managers, global funds of funds, and pension funds, the private equity firm said.
The vehicle focuses exclusively on mid-cap buyouts in Japan, which Advantage Partners views as the most attractive segment in the market. It had completed six investments prior to the launch.
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Japanese mid-market private equity firm Advantage Partners has disposed its majority stake in relaxation services operator Riraku.

Advantage Partners scores $300m exit from Japanese massage salon chain Riraku

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Advantage Partners scores $300m exit from Japanese massage salon chain Riraku

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