Sunrise Capital II, the Japan-dedicated private equity fund of CLSA Capital, has announced its full exit from the outsourcing services company Qit Co., Ltd, according to a press statement on Wednesday.
The PE fund sold its ownership to a special purpose company managed by funds served by Advantage Partners (AP Funds). The value of the divested stake has not been disclosed.
Sunrise Capital II had invested in Qit in October 2016, and since then has enhanced the company’s management structure and delivered growth, the statement said. The growth strategy included recruitment support, optimal allocation of resources in core business areas, restructurings to achieve management efficiency, and the completion of four follow-on acquisitions including that of a top player specialising in the outsourcing of maintenance services for semiconductor manufacturing equipment.
Qit has around 2,500 employees, according to CLSA Capital’s website. The company provides a wide range of outsourcing services including engineer despatching services, its key area of focus, as well as manufacturing outsourcing services and foreign trainee programmes.
It operates through six subsidiaries including Resolution Co., Ltd., which focuses on outsourcing auto mechanics; Bryza Co., Ltd., a company providing human resources solutions to auto and electronic devices companies; and HamaEngineering Co., Ltd., which specialises in the outsourcing of maintenance services for semiconductor manufacturing equipment.
CLSA Capital Partners announced the closing of Sunrise Capital II in October 2014 with $210 million in total commitments from limited partners from the US, Europe and Japan. Sunrise Capital II primarily seeks controlled buyout investments with a typical enterprise value of 5-15 billion yen.
Sunrise Capital II is the successor fund to 2006’s CLSA Sunrise Capital and employs the same strategy of actively pursuing buyout opportunities that promote the growth of small- and mid-cap Japanese companies. Since inception, Sunrise Capital has raised a total $1 billion from institutional investors globally.
In September 2020, CLSA Capital Partners announced the closing of Sunrise Capital IV at a hard cap of $450 million, according to the firm’s statement.
