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Japan’s Advantage Partners to sell coffee chain Komeda to MBK

15 Jan 2013

coffee-beans_­sqJapanese buyout house Advantage Partners has agreed to sell its stake in coffee shop chain operator Komeda to South Korean private equity firm MBK Partners.

Although financial terms of the deal were not disclosed, previous reports suggested Advantage Partners was hoping to fetch about JPY40bn ($451m), equivalent to over 10-times Komeda’s EBITDA.

Advantage Partners bought an 80 per cent stake in Komeda in 2008.

The company operates 483 coffee shops throughout Japan, the majority of which are based in Aichi prefecture, where they outnumber those operated by US coffee giant Starbucks.

The deal marks the second exit for Advantage Partners in a month following the recent sale of its stake in MEI Conlux Holdings and its Japanese affiliate for about $820m to US firm Crane Co.

The Tokyo-based firm is also reported to be in talks to sell Rex Holdings Co, operator of the Gyukaku barbeque chain in Japan, to trade buyer Colowide Co.

The sale is expected to fetch about JPY13.7bn ($175m).

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