Permira Advisors shuts down Japan office

On Permira’s global website, Ryo Fujii, a partner and head of Japan, is currently the only person listed as a member of the Japan team.

Other key investment professionals already left the Japan office earlier this year, people who have been following the situation pointed out.

A spokesman for Permira said the firm's global sector-driven thematic investment strategy is unchanged, and the firm will continue to pursue opportunities in Japan selectively.

After setting up its Japan Office in 2005, Permira invested in Tokyo-based agrochemical maker Arysta LifeScience in 2007, Osaka-based sushi chain operator Akindo Sushiro in 2012, and its Japan team also led the investment into New York-based organic personal care product maker brand John Masters Organics (JMO) and its distributor Styla in 2016, according to Mergermarket data.

Permira has not announced any new acquisition in Japan after the JMO/Styla deal.

Permira acquired Arysta for JPY 250bn (USD 1.6bn) and sold to US-based Platform Specialty Products for JPY 377.4bn in October 2014.

The firm acquired Sushiro for USD 10bn from Japan’s Unison Capital and floated a 69% stake on the Tokyo Stock Exchange in March 2017, according to media reports. Later on, the firm sold the rest of the stake to Hyogo-based food distributor Shinmei in September 2017 for JPY 38bn, as announced at that time.

Permira acquired JMO and Styla for JPY 37bn in 2016, according to Mergermarket data. In September 2017, the company announced that non-organic elements like silicon were contained in 38 of its items, such as shampoos. In 2020, JMO’s founder Yoshimune Noda, also the founder of Styla, conducted an MBO and bought the business from Permira, according to M&A data base provider Recof. In June 2022, JMO was bought by Japanese PE firm Aspirant Group, as announced.

Permira, which focuses on the consumer, healthcare, technology and services sectors, has deployed over EUR 4bn (USD 3.9bn) across 12 investments in Asia to date and opened its first office in the region nearly 20 years ago, according to its website. Across Asia it has offices in Hong Kong, Shanghai, Seoul, Singapore and Mumbai.

The firm conducted deals in Australia, China, Taiwan, Hong Kong, Macau, Korea, Japan, and Singapore, according to data from AVCJ, Mergermarket’s sister publication under ION Analytics.

Its recent Asia activity includes the sale of corporate services provider Tricor Group to Baring Private Equity Asia for USD 2.7bn in November 2021 and participation in the USD 685m acquisition of Korean food delivery business YoGiYo as part of the Affinity Equity Partners-led consortium in August 2021, as reported.

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