Bain calls in Bellsystem24 partner

Bain Capital is selling 49.9% of Japan’s largest call centre Bellsystem24 to trading house Itochu after introducing US-style management techniques and boosting profits at the company.

After the transaction, Bain Capital and Itochu will own 50.1% and 49.9% of Tokyo-headquartered Bellsystem24 respectively, the US private equity firm and the trading house said in separate statements on Tuesday.

The enterprise value of Bellsystem24 has risen by about 30% to Y130 billion since Bain Capital acquired the company in 2009 from Citi. The equity value creation has likely been even greater for Bain given the very cash-generative company has paid down a significant amount of debt taken on...