Sunrise Capital-backed beauty salon chain AB & Company acquires Agir

Photo by Guilherme Petri on Unsplash

Sunrise Capital, a Japan-focused private equity fund led by CLSA Capital Partners, on Wednesday announced that its portfolio firm KK AB & Company (AB & Company), one of the country’s largest beauty salon chains, has agreed to fully acquire Agir Co., Ltd.

Financial details of the deal were, however, not disclosed.

The announcement comes little over a month after the company acquired another local beauty salon chain Puzzle.

Agir, which was awarded a franchise by AB & Company in 2014, has expanded to 40 salons as of September 30, 2018, mainly in the Tokai region, the central part of mainland Japan.

Following the transaction, Agir CEO and president Kazutaka Higuchi will continue to lead the Agir team. He will also join the management team of AB & Company and assist the Agu Group to continue achieving further growth along with the founder, Kazuhiro Ichinose, CLSA Capital said in a statement.

The transaction is expected to be completed by the end of October 2018. Agir will become a subsidiary of AB & Company after the deal.

AB & Company, which operates under the brand name Agu, manages a chain of 310 beauty salons nationwide. In addition to the directly managed salons, approximately 20 franchise owners (as of September 30, 2018) operate salons under the Agu brand name.

Going forward, the group intends to accelerate the rate of new store openings and expand the number of salons to 1,000.

CLSA Capital Partners, through Sunrise Capital III, announced an investment of JPY10 billion in KK Loiness and B-first KK (Agu Group) in March this year. Following the transaction, Sunrise III also acquired a majority stake in the Agu Group through a special purpose vehicle. In February, the fund had agreed to acquire Marubeni Mates Ltd, a full-suite service provider of uniforms in Japan, for an undisclosed amount.

Sunrise Capital has raised approximately $1 billion and completed investments in 16 companies since its establishment in 2006. It had closed the third fund at a hard cap of $400 million in May last year.

CLSA Capital Partners, the asset management arm of Hong Kong-based CLSA, has more than $4 billion under management and offices across the region, including Hong Kong, Singapore and Tokyo.

Also Read:

CLSA Capital acquires Japanese real estate services provider House Partner

CLSA’s Sunrise Capital III acquires Japanese e-commerce business MOA

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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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  • 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.