Clifford Chance has recently advised 3i plc and PPM Ventures Limited on their agreement to sell their combined 65% equity stake in Japanese logistics company, Vantec Corporation to Mizuho Capital Partners MBO Fund “FBF200”.
The transaction represents the first secondary management buyout in Japan, the original MBO having been one of the earliest western style MBOs in Japan.
Clifford Chance’s Tokyo office (Clifford Chance Tanaka Akita & Nakagawa) acted as sole legal adviser to 3i and PPM on the transaction. Tokyo based lawyer Daniel Hounslow led the Clifford Chance team on the sale; he commented: “With its mix of Western style structuring and Japanese legal issues, this landmark transaction has demonstrated again the value of our being able to provide both foreign expertise and local legal advice to our clients.”
Roger Denny, head of Clifford Chance’s Asian Corporate practice commented:
“This is another significant transaction for us in the private equity market in Japan. With the anticipated expansion of the Japanese private equity market we are pleased that we have been well-placed to provide a comprehensive service to meet our clients’ private equity needs in Japan.”