Sunrise Capital IV, L.P., Sunrise Capital IV, L.P., Sunrise Capital IV (Non-Us), L.P. and Sunrise Capital IV (Non US 2), L.P. managed by CLSA Capital Partners along with Senshukai Co., Ltd. entered into a contract to acquire Dears Brain Co., Ltd. and Planet Work Co., Ltd. from Senshukai Co., Ltd..
March 23, 2021
Share
Sunrise Capital IV (JPY), L.P., Sunrise Capital IV, L.P., Sunrise Capital IV (Non-Us), L.P. and Sunrise Capital IV (Non US 2), L.P. managed by CLSA Capital Partners along with Senshukai Co., Ltd. (TSE:8165) entered into a contract to acquire Dears Brain Co., Ltd. and Planet Work Co., Ltd. from Senshukai Co., Ltd. (TSE:8165) on March 23, 2021. The transaction also involves transfer of shares of Wonder Stage Co., Ltd., which is a wholly-owned subsidiary of Dears Brain Co., Ltd. As part of the transaction, Senshukai Co., Ltd. will make an investment equivalent to a voting right ratio of 5% in Dears Brain Co., Ltd. and Planet Work Co., Ltd. and will continue its business alliance with the companies. Senshukai Co., Ltd. will transfer 31,290 shares in Dears Brain Co., Ltd. and 800 shares in Planet Work Co., Ltd. Sunrise Capital IV (JPY), L.P. will acquire 42.7% stake, Sunrise Capital IV, L.P. will acquire 33.7% stake, Sunrise Capital IV (Non-Us), L.P. will acquire 13.5% stake while Sunrise Capital IV (Non US 2), L.P. will acquire 5.1% stake in Dears Brain Co., Ltd. and Planet Work Co., Ltd.
For the Fiscal year ending December 2020, Dears Brain Co., Ltd reported net assets of ¥1 billion, total assets of ¥11.9 billion, sales of ¥6.8 billion, operating loss of ¥3.1 billion and net loss of ¥4.2 billion. For the Fiscal year ending December 2020, Planet Work Co., Ltd. reported net assets of ¥383 million, total assets of ¥1.5 billion, sales of ¥1.5 billion, operating loss of ¥544 million and net loss of ¥467 million. Following the acquisition, Following the transaction, the President and Chief Executive Officer of both Dears Brain and Planet Work, Hirokazu Kogishi will continue in his role. There will be no material changes to both Dears Brain and Planet Work's management and business operations. The transaction was resolved at the Board of Directors meeting of Senshukai Co., Ltd. on March 23, 2021. The planned execution date of share transfer is March 31, 2021.
SENSHUKAI CO., LTD. is a Japan-based company mainly engaged in the mail-order business. The Company operates in three business segments. The Mail-order Sales segment is engaged in the mail order sales mainly through catalog and Internet. The Bridal segment is engaged in house wedding business. The Corporate segment provides solution services and promotion support for mail-order business and electronic commerce (EC) business. The other businesses include insurance and credit business, as well as childcare business.
Sunrise Capital IV, L.P., Sunrise Capital IV, L.P., Sunrise Capital IV (Non-Us), L.P. and Sunrise Capital IV (Non US 2), L.P. managed by CLSA Capital Partners along with Senshukai Co., Ltd. entered into a contract to acquire Dears Brain Co., Ltd. and Planet Work Co., Ltd. from Senshukai Co., Ltd..