Bain Capital said on Thursday it has agreed to sell its 50% stake in TV-shopping channel operator Jupiter Shop Channel (JSC) to Japan's largest cable TV company Jupiter Telecommunications.
The Boston-headquartered private equity firm expects the transaction to close in March after antitrust clearance.
JSC offers 24-hour live TV broadcasting. Bain Capital bought the 50% stake in infomercial firm in July 2012.
Together with Japanese trading house Sumitomo Corp., the other 50% shareholder of JSC, Bain Capital has helped JSC accelerate e-commerce channel penetration and develop a digital device strategy. These efforts boosted the firm’s profitability, Bain Capital said in a statement.
Jupiter Shop Channel has recorded 18 consecutive years of sales growth, with revenue hitting Y136.5 billion for the fiscal year ending March according to the firm's website.
Sumitomo Corp also owns a stake in Jupiter Telecommunications, also known as J:COM.
Bain Capital recently completed a $3 billion fund raising for dealmaking in Asia Pacific.
The firm will start putting its third Asia Pacific buyout fund to work in the region next year, and is looking for transactions where its experience working with similar companies elsewhere gives it an edge.
When the company raised its second Asian fund in 2012 there was a lot of push back from investors who did not want Japan to be included in the fund’s remit. They argued the country had a declining economy and a business culture often adverse to deal making.
However, the private equity company is among the few funds to have gained momentum investing in Japan. Its latest acquisitions have included Japanese mushroom producer Yukiguni Maitake and hot springs operator Ooedo Onsen. It recently partially exited one of its largest investments in the country to date, telemarketer BellSystem24 and last year IPOed Skylark.
