CAS Capital To Exit Investment In Restaurant Chain Operator

H2O Retailing Co., a holding company of Hankyu Hanshin Department Stores Group, announced that H2O will conduct a tender offer for Kazokutei Co., Ltd., a PE-backed Japanese food restaurant chain operator. The TOB price is set at 750 yen, a 45% premium over its 3-month average. CAS Capital, a Tokyo-based midsized private equity firm, made an investment in 2007 and became the largest shareholder (57.1%). CAS Capital approved the offer. H2O plans to strengthen its food business through this acquisition.