CLSA Capital Partners, the asset management business of CLSA, said Friday that its Sunrise Capital III has acquired Assist Inc, an online platform in Japan, which links household service vendors and customers.
There will be no material changes to Assist’s management team, company name, brand name and business operations, despite Sunrise Capital III’s acquisition of a majority stake in the company, according to a joint statement by CLSA Capital Partners and Assist.
Sunrise Capital III will assist in further accelerating growth by providing overall management support to the company to strengthen its services and enhance its reputation among both customers and service vendors.
Headquartered in Chiba prefecture, Assist provides solutions to daily household issues by connecting service vendors and customers via its proprietary online platform. The services encompass plumbing, electrics, locksmithing, as well as daily chores such as lawn mowing and house cleaning. Assist contracts service vendors through a membership system, which enables it to operate across the whole of Japan.
Since its inception in 2013, Assist has expanded its business and currently provides solutions to 24 different household issues including plumbing, electrics, lawn mowing and house cleaning.
Sunrise Capital III, a fund of CLSA Capital Partners, invests in established, mid-cap companies with strong growth potential in Japan.
The acquisition of Assist came after Sunrise Capital III bought Japan-based bilingual IT services provider Earth Technology last month.
Sunrise Capital, a Japan-dedicated private equity strategy of CLSA Capital Partners, capitalises on opportunities in the mid-cap buyout sector. Sunrise Capital has developed a unique “body-on” approach, which includes seconding professionals to assist portfolio companies in realising their growth potential, and supporting their overseas expansion.
Sunrise Capital has raised approximately $1 billion to date and completed investments in approximately 30 companies including both standalone and follow-on investments since its establishment in 2006.
CLSA Capital Partners is the asset management business of CLSA, a capital markets and investment group in Asia. Established in 1995, CLSA Capital Partners manages a diversified range of strategies including private equity, real estate, credit and transportation and real assets. Headquartered in Hong Kong, it has eight offices across Asia-Pacific.