CVC Capital Partners has completed an investment in Japanese streetwear brand A Bathing Ape (BAPE) after the brand became an independent company from Hong Kong fashion retailer I.T Limited, according to a statement.
The investment follows the successful privatisation of I.T Limited by Brooklyn Investment Limited, owned by CVC Capital Partners Asia V Limited and the Founder Group of I.T on Friday 30 April 2021.
Following the investment, CVC has acquired co-control of BAPE, the private equity firm said.
Founded in 1993, BAPE’s lineup of labels includes A Bathing Ape, AAPE, Baby Milo, BAPE Black, and Mr. Bathing Ape, which are sold in stores across Asia, North America and Europe.
CVC said it will support the expansion of the business both online and geographically.
I.T Limited acquired BAPE for $2.8 million in 2011.
In December last year, the Hong Kong firm said its founder and chairman Sham Kar Wai and CVC will make an offer to take the company private for HK$1.305 billion ($168.37 million).
Accordingly, Sham’s stake in I.T will fall to 50.65% from 63.61% after the take-private deal, while CVC will hold 49.35%.
CVC closed its fifth Asia Pacific investment fund at a hard cap of $4.5 billion last year, which exceeded an original target of $4 billion and is $1 billion larger than its predecessor.
To date, CVC has raised $15 billion of commitments to invest in the Asia Pacific, a region it has been active in since 1999. The firm operates eight offices in Greater China, Japan, Korea, India, and Southeast Asia, for its APAC strategy.
Its recent investments in the region include participation in Philippine-based e-commerce enable Great Deals’ $30 million Series B funding round along with Fast Group, the local third-party logistics company that CVC invested $124 million in last year. Meanwhile, its Thai portfolio company, microfinance firm Ngern Tid Lor, had a successful IPO last month, raising over $1 billion.