September 03, 2009

Marunouchi Capital Became Top Shareholder of Home Center Firm

Marunouchi Capital, a Mitsubishi Corp’s affiliated investment fund will acquire a 33.4% stake in Joyful Honda Co., a Kanto-based home center operator, according to Nikkei. The fund is to pay about 20 billion yen for new issues, becoming the principal shareholder with the aim of its IPO in 2013 or later. Joyful Honda runs 14 home centers where sales are roughly 145 billon yen and net profit is 6.3 billion yen. For Marunochi capital, this is the second investment following the acquisition of a 15% interest in Tomy Co. a major toymaker in May.

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