Bain Capital Clinched Japanese Nichiigakkan


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Comserve Inc.

Aug 20, 2020, 07:30 EST


Bronx, United States, Aug 20, 2020, 07:30 /Comserve / -- Bain Capital successfully grabbed a USD 1.2 billion deal on Tuesday to purchase Japanese nursing home operator Nichiigakkan. This comes after it fended off a higher last moment bid from rival Baring Private Equity Asia (BPEA).

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Tokyo, 18 Aug. 2020 -- Bain Capital successfully grabbed a USD 1.2 billion deal on Tuesday to purchase Japanese nursing home operator Nichiigakkan. This comes after it fended off a higher last moment bid from rival Baring Private Equity Asia (BPEA).

Some professionals of the financial industry criticized Bain and Nichiigakkan’s management for sealing the bid irrespective of the new offer on Monday from Hong Kong-based BPEA. These professionals felt that the interests of minority shareholders had been neglected and they had lost out. BPEA offered a 20% premium to Bain’s bid of 1,670 yen a share.

BPEA, on Monday, said that it had approached Nichiigakkan’s founding family members with an offer that was indicative at 2,000 yen a share. This would value the company at 146 billion yen (USD 1.4 billion). They also mentioned that they were open for negotiations and had even offered to provide assistance with management buyout.

Bain was successful mainly due to a deal it had made with Singapore based Effissimo Capital Management which owns 12.5% of Nichiigakkan. Bain mentioned that in exchange for an undisclosed stake in a vehicle that would indirectly own Nichiigakkan, Effissimo would tender its shares.

Bain had placed its bid in May and extended it as Nichiigakkan shares traded over the offer price. Earlier this month, it had raised its offer from 1,500 yen per share to 1,670 yen a share. Even before the launch of the bid, Bain had secured a 44% stake from Nichiigakkan’s founding family members and top management.

Nichiigakkan has a core business of hospital consultancy, childcare, and elderly care. They are growing steadily as the demand for these services is rising in Japan. With the head office in Tokyo, 5 regional offices, 94 branch offices, and 10 sales offices, Nichiigakkan is a rising business. It also has affiliated companies in Japan, China, Australia, Canada, and the Philippines.

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