Coca-Cola Bottler To Buy Juice Maker for $421M From Daiwa Corporate, Polaris Capital

(Reuters) – Japan’s Coca-Cola West (2579.T: Quote, Profile, Research, Stock Buzz), a Coca-Cola bottler, said on Monday it would buy vegetable juice maker Q’sai Co for about $421 million in a deal that had also drawn interest from global private equity firms.
Q’sai was put up for sale earlier this year by owners Daiwa Corporate Investment, the private equity arm of Daiwa Securities (8601.T: Quote, Profile, Research, Stock Buzz), and buyout firm Polaris Capital Group.
Private equity firms Carlyle Group, Unison Capital and CVC Capital had also shown interest in the deal, sources familiar with the situation told Reuters.
Coca-Cola West said it would pay 35.9 billion yen ($421 million) for the equity of Q’sai, and a total of 63.9 billion yen including debt.
Daiwa’s private equity arm and Polaris had paid about 60 billion yen for the equity of Q’sai in 2006, according to public records.
Daiwa Corporate Investment was formerly known as Daiwa SMBC Capital, a joint venture between Daiwa Securities and Sumitomo Mitsui Financial Group (8316.T: Quote, Profile, Research, Stock Buzz). The venture was dissolved in July and Daiwa changed its name. Q’sai’s main product is a green juice called “aojiru” that is made from kale, a leafy vegetable known to be high in nutrients. The company also sells supplements, soap and cream containing collagen.
($1=85.37 yen)
(Reporting by Junko Fujita; Editing by Edmund Klamann and Joseph Radford)