CLSA Capital exits Japanese automotive tools retailer Worldtool

CLSA Capital Partners has sold its entire stake in Japanese automotive tools retailer Worldtool to local DIY store operator Royal Homecenter, per an announcement.

The alternative investments arm of CLSA had picked up a 55 per cent stake in Worldtool in May 2015 at an enterprise value of JPY10 billion ($82.8 million), investing through its $210-million Japan-focused Sunrise Capital II fund.

“With the collaboration of the management team and employees, [Worldtool] has steadily expanded its business and operates 189 stores located nationwide and six stores in Thailand as of today,” CLSA said in its announcement.

Worldtool, headquartered in Fukaya in Saitama prefecture, operates its retail stores under the brand name Astro Products, as well as manages a wholesale business. Astro Products stores sell self-branded automotive maintenance tools as well as a wide variety of national brand products including general industrial tools, LED lights, solar panels and electric generators.

CLSA Capital Partners is the asset management business of CLSA, the international platform of China’s leading investment bank CITIC Securities. It has more than $5 billion in funds under management and eight offices across the region, including Hong Kong, Singapore, and Tokyo.

In August, we reported that CLSA Capital Partners was raising funds for its Asia/Australia focused secured private credit strategy Lending Ark. The firm has not specified any target or timeline for Lending Ark Asia Secured Private Debt Fund I.

In April, CLSA Capital Partners was reported to be looking to raise $400-500 million for its fourth pan-Asia value-add real estate fund – Fudo Capital IV. CLSA had last raised $1 billion for its third Fudo fund, Fudo Capital III, in June 2015, exceeding an initial target of $850 million.