Bloomberg News

Bain Capital Said to Near Agreement to Buy Skylark From Nomura

October 11, 2011

Oct. 12 (Bloomberg) -- Bain Capital LLC may reach an agreement this month to buy family-restaurant chain Skylark Co. from Nomura Holdings Inc., Japan’s largest brokerage, two people with knowledge of the matter said.

The brokerage may sell Skylark to Bain in a deal valued at about 250 billion yen ($3.3 billion) including debt, said one of the people, who asked not to be identified because the talks are private. Another person familiar with the negotiations said in March that Nomura’s principal finance unit and Bain were discussing a sale.

Skylark would be at least the third sale by Nomura’s private-equity unit this year as the Tokyo-based brokerage focuses on expanding in overseas markets including the U.S. Nomura last year ended investments in Huis Ten Bosch, a Japanese holiday resort, and builder Misawa Homes Co.

Spokespeople for Nomura, Bain and Skylark declined to comment.

Nomura led a management and employee buyout of Skylark in 2006. The chain, which started in 1970, operates about 3,700 restaurants, mainly in Japan.

Nomura Principal Finance Co. owned 40.2 percent of shares in Skylark and Nomura-led investors held 34.7 percent, according to a financial statement by the restaurant operator in February. The brokerage held 3.7 percent of preferred shares in Skylark.

Skylark posted profit of 7.9 billion yen on an unconsolidated basis last year, with revenue of 242.1 billion yen, the statement showed.

The Nikkei newspaper reported the timing for the Skylark agreement earlier today, without citing anyone.

--With assistance from Shunichi Ozasa and Naoko Fujimura in Tokyo. Editors: Terje Langeland, Frank Longid

To contact the reporter on this story: Takahiko Hyuga in Tokyo at thyuga@bloomberg.net

To contact the editor responsible for this story: Philip Lagerkranser at lagerkranser@bloomberg.net


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