(Corrects attribution in fourth and fifth paragraphs. This story was first published on June 22.)
June 22 (Bloomberg) -- Bain Capital LLC, the Boston-based private-equity firm co-founded by Mitt Romney, will acquire 50 percent of Japan’s Jupiter Shop Channel Co., said the stake’s owner, Sumitomo Corp.
The deal is valued at more than $1 billion, according to a person familiar with the transaction, who asked not to be identified because the terms weren’t disclosed.
Charlyn Lusk, a spokeswoman for Bain at Stanton Public Relations & Marketing, declined to comment.
Jupiter Shop plans to expand in Asia as the continent’s middle class continues to grow. The company’s television channel, which markets items such as home appliances and cosmetics to millions of households, controls 30 percent of Japan’s TV shopping market, according to a statement today from Sumitomo.
Founded in 1996, the company has “consistently increased its revenues” and is planning to expand into China with Bain’s help, according to the statement.
Bain, started in 1984 by Romney and partners from the consulting firm Bain & Co., oversees about $60 billion in assets. The firm deployed $15.3 billion across 33 transactions last year, including the takeover of Tokyo restaurant operator Skylark Co. in a deal valued at $3.4 billion, according to London-based researcher Preqin Ltd.
Bain will pay $1.3 billion, Reuters reported earlier today, citing a person with direct knowledge of the firm.
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