The Longreach Group has completed a partial exit of Cybrid Holdings by selling part of the business to publicly-listed Japanese conglomerate NAC Co, according to the firm.
Financial terms were not disclosed.
Longreach sold Jimos, a direct marketing mail order business that sells cosmetics and health food products, so that Cybrid, a mobile content and e-commerce business, could focus on its core business.
“As we believe this transaction will enable the Cybrid Group to maximize its growth in the future and also allow Jimos to further expand its business, we have reached an agreement with NAC on the transaction,” Longreach said in a statement.
Longreach acquired Cybrid in 2007 for JPY 12 billion (€92.5 million; $121 million), according to the firm.
In March this year, Longreach hired two professionals for its investment team from Barclays Capital, Private Equity International reported earlier.
The Longreach Group is based in Hong Kong with additional offices in Tokyo and Shanghai. The firm focuses on buyout investments in Japan and North Asia. It held a final close on $400 million for its second fund, Longreach Capital Partners II in September 2012.