Unitas Capital, formerly known as CCMP Capital Asia, has shuttered its Tokyo office.
“Japan remains a market in which we would like to invest but we will do so from our other regional offices,” said Andrew Liu, Unitas’ chief executive officer and managing partner.
“Like many other firms, we have concluded that it makes better sense to concentrate our resources on the core markets of greater China, Korea and Australasia, where we see much better deal flow,” Liu added.
Atushi Abe, a Unitas partner based in its Tokyo office, has agreed to remain as an advisor to the firm and remains on the boards of portfolio companies in Japan and the region, according to Liu.
In 2002, the firm led the management buyout of Japan automotive component manufacturer Rhythm Corporation. It later sold the company to The Carlyle Group for an undisclosed sum in 2004. In December 2008, Unitas closed its third fund on $1.2 billion, shy of the original $2.5 billion target, set when the fund was launched in April 2007.
The cessation of Unitas’ Japan operations follows Florida-headquartered Sun Capital Partners’ closure of its Tokyo office this February.
In a similar reshuffling of its resources in Asia, 3i closed its Hong Kong and Shanghai offices in December 2008, relocating Chinese dealmakers to Beijing as part of a global efficiency drive.
Unitas ended its affiliation with New York-based CCMP Capital Advisors in December 2008 and subsequently rebranded. It also appointed Ajeet Singh as a partner in Hong Kong. Singh was previously the president in Asia Pacific for global manufacturing and technology company Emerson.