Mash Holdings, which owns Snidel Beauty, Gelato Pique, and other fashion lines, is set to sell a majority of its shares to US investment firm Bain Capital for US$1.4 billion, the company has announced today.
The deal, likely to become one of the largest private equity deals in Japan’s apparel industry, is expected to complete by the end of this year. Mash said the agreement will help its overseas business growth and strengthen the management foundation in anticipation of a future IPO.
According to Nikkei Asia, shares acquired by Bain Capital will include those held by Hiroyuki Kondo, Mash’s founder and president. After the deal, Kondo will remain as president and reinvest in the company to take about a 40 per cent stake.
“In addition to our fashion, beauty, and food and beverage units, we will also expand our business in Japan and overseas, such as design, real estate, and the licensing business that we have been focusing on in recent years,” the company said.
Established in 1998 as a CG production company, Mash entered the fashion business in 2005. The group has a portfolio of 20 fashion and beauty brands, including Gelato Pique, FurFur, Ecostore, Cosme Kitchen, Biople and Snidel Beauty. The company also operates nine food and beverage brands in Japan, including Pique Cafe and Pariya Delicatessen.
According to Reuters, Mash Holdings’ revenue stood at 102.3 billion yen ($731 million) in the fiscal year through August this year, of which about 90 per cent came from the domestic market and the remaining 10% per cent from overseas.
