Junichi Shiroshita, a managing director at Bain Capital’s Tokyo office, left the firm at the end of April, Bain confirmed. Shiroshita was one of three managing directors for Bain in Japan.
He has joined Bank of America as a managing director in its investment banking division in Japan. His first day at the bank was 1 May 2009, a bank spokesman said.
Bain now has a team of 14 professionals in the country, headed by chairman Shintaro Hori. The other two managing directors are David Gross-Loh and Yuji Sugimoto.
Thus far, Bain has made three investments in Japan, according to its website. These are Denon & Marantz, an audio and visual, information and communication equipment provider which it acquired for $444 million; MEI Conlux, which manufactures devices for coin and bill validation for vending machines, and was acquired in conjunction with Japanese buyout firm Advantage Partners for an undisclosed amount; and Sun Telephone, a small business communications equipment leasing company and distributor that was acquired for approximately $550 million.
Bain opened an office in Mumbai in 2008 and hired Amit Chandra as a managing director to lead its Indian activity. Its other Asian offices are located in Hong Kong and Shanghai.
In recent months, a number of foreign private equity firms have either lost senior personnel in Japan or have shut down their offices in the country. In December 2008, Naohiko Kitsuta, a managing director at Kohlberg Kravis Roberts, resigned. In the same month, Tomayo Shiraishi, the co-head of global buyout firm Permira’s Japan office, left the firm.
Since February, Mezzanine capital provider Intermediate Capital Group, Merrill Lynch Global Private Equity, Unitas Capital and Florida-headquartered Sun Capital Partners have shut down their offices in Tokyo.