Ant Capital exits Japanese creampuff maker

The Japan-based SME buyout firm has exited Muginoho Holdings, gaining a 3.3x exit, and has made a separate investment in a branded shoemaker.

Tokyo-based Ant Capital Partners has exited its stake in Japanese confectionery company Muginoho Holdings in a trade sale to listed food manufacturer Nagatanien, according to statement from Ant.

The deal was worth $96 million (¥9.3 billion) and brought a return on capital of 3.3x, according to the statement.

The firm sold 100 percent of Muginoho, which bakes creampuffs branded “Beard Papa” and operates sweet shops in 400 stories worldwide.

In a separate transaction this week, Ant acquired shoe manufacturer MoonStar, Japan’s second largest children’s shoe manufacturer by revenue, according to the statement.

MoonStar, which reported $340 million in revenue and $5 million in net income in 2012, has operations in Japan, China and Vietnam and developed its own `Superstar’ brand. It also does contract manufacturing work for global shoe manufacturers such as K-Swiss, Burberry and Disney.

Ant intends to help the company expand operations globally and improve operational efficiencies.

“We are honored to be able to work together with the management of MoonStar, one of the oldest and most respected SME consumer goods manufacturers in Japan, to improve and expand their base of operations in Japan and Asia.” said Ryosuke Iinuma, managing partner of Ant, in the statement.

Tokyo-based Ant Capital Partners is an SME focused buyout firm with $1.4 billion in assets under management. It is currently investing from its fourth fund, Ant Catalyzer IV PE, a $119 million vehicle with a 2010 vintage, according to PEI’s Research & Analytics division.