Tokyo-based firm Polaris Capital has expanded its portfolio with the acquisition of Japanese hair salon and sports club operator Socie World via its Polaris Fund III.
The firm said it has acquired nearly 100 per cent of the business from Cits shareholders including Citigroup for what was reported to be ¥3bn ($32m), according to the Asian Venture Capital Journal.
Apart from its presence in Japan, Socie World also has assets in Taiwan and is now looking to expand into other markets including China.
Polaris said it will support the company’s marketing activities as well as provide managerial and financial advice.
The firm said, “Polaris believes that Socie World should be able to further solidify its leading company position in the aesthetic salon industry and increase its corporate value by expanding its customer base and building an enhanced management infrastructure under Polaris’s ownership.”
The ¥36bn Polaris Fund III was launched in July 2012 following the ¥31.9bn second fund, which was raised in 2007.
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