Japanese private equity firm J-Star on Friday announced its exit from film coating company Nakai Industrial Co Ltd through the sale of entire its interest in the firm to Mitsubishi Chemical Corp for an undisclosed sum.
The transaction was conducted through J-Star funds (J-STAR No.3 SS, LP, etc.).
J-Star said Nakai, which was set up in 1916 as a gold and silver yarn maker, grew to be a comprehensive thin film coating company by developing its technologies over the years.
J-Star said, in a statement, following its investment, the private equity player helped with the integration of various functional entities under the Nakai group, successor planning and business operations improvement.
“We believe Nakai will achieve further growth under its management supported by and in collaboration with Mitsubishi Chemical,” it added.
In a separate statement, Mitsubishi Chemical said it has acquired all shares in Nakai Industrial and converted the company into a consolidated subsidiary. Japan-based Mitsubishi Chemical is engaged in the functional products, healthcare and materials business.
J-Star’s latest portfolio exit comes after it had partially divested its stake in Aki-Japan Corporation, a construction industry-focused engineering staffing service firm in April. As part of the deal, J-Star had transferred a 20% stake in Aki-Japan to staffing firm UT Group Co, Ltd for an undisclosed sum.
Founded in 2006 in Tokyo, J-Star is an independent and partner-owned Japanese alternative asset manager with $300 million of assets under management, as of March 2016, according to its website.