The Asian investment arm of London-based buy-out firm CVC Capital Partners is making a third attempt to exit Minit Asia Pacific, the shoe repair company.
According to Reuters, CVC Asia Pacific unsuccessfully attempted to sell the company in late 2008, and again in early 2010, when the largest offer it received was for ¥15bn ($195m). Previous bidders have reportedly included private equity firms Advent International and Japan’s Wise Partners.
In 2006, the firm acquired all non-European businesses from the Minit Group, the global operator of the Mister Minit brand. The chain provides shoe repair, key cutting, engraving and watch repair services.
The group operates a store network of over 600 owned and franchised stores throughout Japan, Australia, New Zealand, Canada, Singapore and Malaysia, all reporting to the headquarters based in Kawasaki, Japan.
Minit Asia Pacific generated revenues of ¥12.921bn as of March 31, 2009, of which 55 per cent represented sales in Japan, Singapore and Malaysia, 25 per cent in Australia and New Zealand, and 20 per cent in Canada.
Copyright © 2011 AltAssets