PE-backed LCD Maker To Go Public

Tokyo Stock Exchange announced that shares of Avanstrate Inc., a LCD glass manufacturer, will be listed on the exchange on the 24th of April. The Carlyle Group, a global mega buyout firm, invested in the firm in June 2008 and is the largest equity holder (50.64%). Hoya Corp., an optical technology-oriented manufacturer, is the second largest equity holder (45.67%). Carlyle once tried to make it go public last April but the plan was cancelled after the March 11 Earthquake.

Sony To Divest Chemical Unit To DBJ

Sony Corp., an electronics conglomerate, announced that Sony will sell its chemical unit, Sony Chemical & Information Device Corp. (SCID) to Development Bank of Japan Inc (DBJ)., a state-owned investment bank. SCID has about 3,000 employees and operations in Japan, US, Europe, and China. It reported sales of 111 billion yen last year. This sale is the latest move by Sony, which is focusing on realignment as a key initiative of its business portfolio.

INCJ To Invest In UK Wind Farm Operator

Innovation Network of Corporation Japan (INCJ)., a public-private investment fund, announced that Marubeni Co., a major trading house, and INCJ acquired Seajacks International Ltd, a UK-based offshore wind power service provider, from Riverstone Holding LLC., an energy-focused private equity firm. The Japanese trading house and the public-private fund will each obtain a 50% stake in the UK firm.

Venture Republic To Go Private via MBO

Venture Republic Inc., an internet commerce supporting company, announced that Venture Republic approved a tender offer from an investment vehicle by Kei Shibata, the CEO of Venture Republic. The TOB price is set at 1,100 yen, a 37.3% premium over a 3-month average. The largest shareholder Lawson Co., a major convenience store operator, agreed to the offer. The Bank of Tokyo-Mitsubishi UFJ is ready to provide up to 2.2 billion yen in financing. Venture Republic will be delisted upon the successful outcome of this deal. The company went public in August 2008.

NEC Tokin To Ally With KEMET

NEC Tokin Co., a leading manufacturer of tantalum capacitors, announced that NEC Tokin agreed to form a capital and business alliance with KEMET Co., a US-based manufacturer of capacitors, as part of efforts to strengthen its financial base, increase sales, and reduce costs in areas such as procurement and production. KEMET is also given the option to subscribe to future capital increases of NEC Tokin or acquire its shares held by NEC Corporation, its parent company. NEC expects to post a consolidated net loss of 100 billion yen in the current business year ending March 31, due to massive flooding in Thailand and sluggish mobile phone operations.

Japan Industrial Solutions Fund To Invest In Sumco

Japan Industrial Solutions Co. Ltd., a turnaround-flavored private equity firm, announced that JIS Fund 1 will acquire new shares issued by Sumco Co., a silicon wafer maker. Sumco, originally a joint venture between Sumitomo Metal and Mitsubishi Materials, has marked its third straight year in the red. Japan Industrial Solutions, which was set up by Development Bank of Japan and Japanese mega banks etc, has so far invested in Joban Kosan Co., a Fukushima-based resort facilities operator, which was battered heavily by the earthquake. This time JIS will play a major role in ensuring that Sumco carries out its restructuring plan.

Family Mart To Acquire PE-backed Food Service Operator

Family Mart Co., Ltd., a major convenience store operator, announced that Family Mart will acquire Senior Life Create Co., Ltd., an elderly-focused meal service provider. They will purchase a 81.6% share of the firm from a buyout fund and other VCs. The major shareholder Basic Capital Management, a Tokyo-based midsized private equity firm, invested in June 2006. Family Mart will increase its base of service lineups in the nationwide convenience stores with this acquisition.