Japanese private equity firm J-STAR announced last week that it has agreed to acquire the waste management firm SINCERE Corporation for an undisclosed sum.
J-STAR is acquiring all the shares owned by the company’s present owners and also some shares from the Japanese multinational IT and electronics firm NEC Corporation, which is also SINCERE’s main customer. “The holding company will support SINCERE in maintaining and improving its organisational structure, which enables it to provide stable services, and in growing as an ‘environmental solutions company’,” J-STAR said on its website.
Founded in 1969, Tokyo-based SINCERE specialises in industrial waste management, including resource cycle operations, recycling, environmental impact improvement, and building maintenance.
According to Crunchbase, J-STAR, a mid-market player in the Japanese private equity market founded in 2006, has so far launched three funds. The firm closed its latest buyout fourth fund at 48.5 billion yen ($458.18 million) in December last year. J-STAR usually seeks equity investments of 1-3 billion yen ($9.1-27.4 million), but may consider bigger investments depending on the nature of the business and the deal situation.
This year, J-STAR acquired the Japanese restaurant chain Pepper Lunch for $79 million. Its portfolio companies also include GINO, a platform to learn coding, content creation firm Kurashino, lifestyle media publisher 1k, and user behaviour analyst CRAFTA, which it acquired for an undisclosed sum in October.