CVC Capital Asia Exits Minit Asia

CVC Capital Asia has sold shoe repair company Minit Asia Pacific to Japan’s Unison Capital, Reuters reported. Minit Asia provides services for repairing shoes and bags. The sale is CVC Capital’s third attempt to sell the company, Reuters wrote.

(Reuters) – CVC Capital Asia has sold shoe repair company Minit Asia Pacific Co to Japan’s Unison Capital in its third attempt to sell the company.

Unison Capital, one of Japan’s largest and oldest private equity firms, said on Monday it agreed to buy all the shares in Minit Asia for an undisclosed price.

Minit Asia, based in Kawasaki, near Tokyo, provides services for repairing shoes and bags as well as copying keys. The company, which also operates in Australia, New Zealand, Singapore, Hong Kong and Shanghai, has 500 outlets worldwide, according to its website.

CVCAsia attempted to sell the company in 2008 and 2010 but failed to do so because it could not agree a price with potential bidders, sourdes had told Reuters.

Unison Capital manages one of Japan’s largest private equity funds. It raised about 140 billion yen ($1.80 billion) in 2009 for its Unison Capital Partners III fund. ($1 = 77.6800 Japanese yen) (Reporting by Junko Fujita; Editing by Michael Watson)