CVC Capital Relaunches Sale of Minit Asia Pacific

TOKYO (Reuters) – Private equity firm CVC Capital Partners is trying again to sell shoe repair chain Minit Asia Pacific Co Ltd in a deal estimated to be worth up to 15 billion yen ($166 million), four sources with knowledge of the matter said.

U.S. buyout fund Advent International, Japanese private equity firm Wise Partners and a strategic corporate buyer are bidding for the company, according to the sources, who were not authorised to speak publicly about the deal.

The bidders are offering between 10 and 15 billion yen for the company, the sources said.

CVC Capital, which has hired Nomura Holdings (8604.T) to advise it on the transaction, will hold a second round of bidding next month, one of the sources said.

Minit Asia operates 630 shoe repair and key copying shops in Japan, Singapore, Malaysia, Canada, Australia and New Zealand, and generated 12.9 billion yen in sales in the year to March 2009, according to the company’s website.

CVC Capital, Advent International and Wise Partners all declined to comment.

CVC Capital bought the company in 2006 for about 14.5 billion yen, sources have told Reuters, and tried to sell it in 2008 before withdrawing it due to weak market conditions. ($1=90.25 Yen) (Reporting by Wakako Sato and Junko Fujita)