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MBK seeks to exit Japan's top golf course operator

MBK's stalled sale of Doosan Machine Tools made progress with bids from two Korean groups

Aug 02, 2021 (Gmt+09:00)

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MBK seeks to exit Japan's top golf course operator

MBK Partners, a North Asia-focused private equity firm, is seeking to exit Japan's largest golf course operator Accordia Next Golf to capitalize on the strong recovery in the golf club market, according to a media report.

MBK has recently invited bids for Accordia in a deal estimated at up to 400 billion yen ($3.7 billion), the Mergermarket reported on Aug. 1. Morgan Stanley is working on the sale.

The planned exit is expected to generate about 2 trillion won ($1.7 trillion) in net proceeds for the PEF. Back in 2017, it acquired a majority stake in the operator of 170 golf courses in Japan for 85.3 billion yen.

Last year, MBK bought the remaining stake for an additional 2 trillion won from a Singapore-listed real estate investment trust company.

Accordia is among the investments made by MBK's inaugural special situations fund (SSF). The SSF's other investments include fried chicken franchise BHC in South Korea, cinema operator CGI Holdings, OCI in Hong Kong and Modern Land in China.

Meanwhile, MBK's long-stalled deal to sell South Korea's Doosan Machine Tools Co. has made progress after two medium-sized Korean business groups -- Hoban and Global Sae-A -- submitted bids for the machine tool maker, according to investment banking sources.

Yeonhee Kim edited this article.

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