Bain seeks to sell Japanese hot spring resort operator for $932m

Bain Capital is collecting bids for Ooedo Onsen Monogatari, an operator of about 40 hot spring inns and resorts across Japan, with SoftBank Group Corp. and investment funds submitting first-round proposals, people with knowledge of the matter said.

The U.S. investor is seeking to sell the Ooedo Onsen Monogatari group for more than 100 billion yen ($932 million), said the people, who asked not to be identified because the information isn’t public.

Bain Capital is also considering an initial public offering for the hot-spring business, they said. The investment group bought the Japanese company in 2015 for about 50 billion yen, the Nikkei newspaper reported at the time.

Investors have shown plenty of appetite for hot-spring assets as well as real-estate investment trusts that invest in such leisure facilities. SoftBank-owned Fortress Investment Group has already snapped up about 100 hot-spring establishments and hotels and has indicated that it will spend as much as 400 billion yen on the sector over the next four years.

Nomura Holdings Inc. is advising Bain on the sale, the people said. A representative for Bain didn’t immediately respond to a request for comment. Representatives from SoftBank and Nomura declined to comment.

Ooedo Onsen Monogatari is designed to evoke the atmosphere of Tokyo during feudal times when it was called Edo, or sometimes Ooedo (“big Edo”). It also runs a REIT that invests in hot-spring properties, returning 8.6% since its inception in 2016.

Bloomberg

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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).

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