The exit represented a 1.5 times cash multiple on the $12m DRC paid for a 7.6 per cent stake in the company in 2007.
While not a stellar return by any stretch, DRC pointed out the Nikkei Index had fallen by 49 per cent over the same period.
A statement by the firm said, “DRC Capital has been instrumental in refocusing the company’s strategy on its core business of dispatching engineers so that it could start afresh for growth.
“As a consequence, the profits based on the core business have improved significantly.
“The investment return mentioned above derives largely from such improved performance.
“This is a typical case of DRC Capital’s investment policy of creating investment returns by enhancing the intrinsic value of the investee company, independently of the stock market trend.”
Last month Goldman Sachs made a complete exit of Japanese construction company Fujita Corp to homebuilder Daiwa House in a $636m deal.
The share sale comprised more than 8.8 million Class C preferred shares representing 20 votes each, and ten million Class D shares representing one vote each according to a statement from Daiwa.
Goldman bought about 55 per cent of the debt-ridden company in 2005 and gradually upped its stake to 100 per cent over the next three years by parting with a total of about $570m.
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