Japan private-equity deals pick up, and Bain Capital leads the deal-making pack
Hong Kong/Tokyo — Bain Capital is planning on further ramping up its deal-making in Japan after it came out on top in the recent battle to purchase Toshiba’s semi-conductors arm and as it bids to buy out Japan’s third-largest advertising agency, Asatsu-DK (ADK). In making further acquisitions, the Boston-based Bain would cement its position as one of the most active private-equity firms in Japan and help break down a corporate culture that has been mostly hostile to foreign investors. "Japan is a hard market. It takes years to build teams, relationships, credibility," said David Gross-Loh, who is Bain’s co-head of Asia and is in charge of its business in Japan, in an interview. "I wouldn’t be surprised that five years from now, we have twice as many deals as we do now." Japan’s private-equity market is small relative to its economy, the world’s third largest. This year, though, the Toshiba acquisition has pushed private equity-backed deals in Japan to a record $22bn — more than doub...
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