Sumitomo To Sell Half Shares Of TV Shopping Co. To Bain

Sumitomo Corporation, a major trading house in Japan, announced that Sumitomo sold a 50% stake in subsidary Jupiter Shop Channel Co., Ltd., the largest TV shopping company in Japan, to Bain Capital. With integrating Bain's knowledge and worldwide network into the robust business foundation by Jupitar, Sumitomo will increase Jupiter's corporate value through the expansion of its customer base, improvement of cost competitiveness and promotion of expansion into Asia.Bain Capital in Japan has acquired Bellsystem 24, a leading call-center operator, in 2009 and Skylark, a major family-restaurant chain operator, in 2011.