TOKYO (Reuters) – Wise Partners, a Japanese private equity firm, will buy Teibow Co, a local maker of felt pen nibs, from Goldman Sachs (GS.N) for as much as 15 billion yen ($176 million), according to three sources close to the deal.
Wise outbid Advantage Partners and other potential buyers looking to take control of the company, according to the sources, who spoke on condition they not be identified. The price tag is in the range of 10 to 15 billion yen, they said.
Advantage Partners, Polaris Capital Group and CITIC Capital Partners initially bid to buy Teibow, sources previously told Reuters. [ID:nTOE66D03V]
Goldman Sachs bought an 86 percent stake in Teibow in 2006 and later boosted its ownership to 100 percent.
The purchase of Teibow was handled by Goldman’s team then known as Asia Special Situations Group, which focused on investing in debt-ridden companies with its own cash. The team also purchased Japanese golf courses and hot spring hotels.
Later Goldman merged the unit with real estate and corporate investment teams.
Nomura Capital Investment, a financing unit of Nomura Holdings (8604.T), will provide debt financing to Wise Partners, two of the three people said.
A spokeswoman in Tokyo for Goldman Sachs declined to comment. Wise Partners was not available for comment. ($1=85.32 Yen)
By Junko Fujita and Wakako Sato
(Additional reporting by Emi Emoto; Editing by Michael Watson)