It was announced that DRC Capital has sold Casa, formerly called Rento Go and provider of rent guarentee that is typically needed in Japan when an individual rents a unit from the unit owner, to Ant Capital Partners.
According to the DRC press release;
Assignment of all the stake in Casa inc. held 100% by the investment funds managed by DRC Capital (Japanese Limited Partnerships DRC I and DRC II, and DRC Capital Fund, LP and DRC Investment Fund, LP) was completed on September 30 when the stake was sold to the firm's management and an investment fund managed by Ant Capital Partners Co., Ltd. DRC's involvement in Casa dates back to October 2008 when it took over the rent guarantee business carved out from Re-plus Inc. who failed for other reasons. DRC has since rebuilt the business to today's solid state with a high growth rate and profitability. The management and Ant Capital Partner's investment fund have now taken it over as a management buyout scheme.
DRC apparently acquired the rent assurance business from the failed real estate company at such a low price that one would look for from a turnaround situation. As such, the exit ROI seems to be quite high, even though the valuation (EBITDA multiple) of today's Casa may be reasonable.
This is the first investment from Ant Capital's latest fund, Ant Catalyzer IV, which was closed last year.
DRC, on the other hand, may be starting next fund raising early next year.
October 03, 2013
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