CITIC Capital Partners, the private equity arm of CITIC Capital Holdings, has completed the sale of its stake in Higashiyama Film Co. to Otsuka Chemical Co. This investment was made through CITIC Capital Japan Partners II, L.P., CITIC Capital Partners’ second Japan cross-border focused buyout fund.

 

Founded in 1949, Higashiyama Film processes and manufactures coated films for industrial usage, including touch panels, flat panel displays and home appliance parts.

 

CITIC Capital Partners first acquired Higashiyama Film in June 2010 from the company’s founding family. After the subsequent buyout in 2011, CITIC Capital Partners held 96% ownership of Higashiyama Film. Since the initial investment in 2010, CITIC Capital Partners has focused on growing the company’s business by re-defining the firm’s vision, developing a clear business strategy, enhancing management infrastructure and improving production efficiency.

 

In 2012, the company made a significant investment into developing a state-of-the-art manufacturing facility. This enabled the company to capture the surging demand it was seeing in Asia, in particular from China and to catapult the company into the next level of its growth phase. With CITIC Capital Partners’ support, the company increased its Ebitda significantly since initial investment in 2010.