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Bain Attracts Bids for Japanese Hot Spring Operator

  • U.S. investor seeking to sell Ooedo Onsen for 100 billion yen
  • SoftBank’s Fortress has been investing in the sector
JAPAN-HOT-SPRINGS-FEATURE
Photographer: Christophe Simon/Getty Images
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Bain Capital is collecting bids for Ooedo Onsen Monogatari, an operator of about 40 hot spring inns and resorts across Japan, with SoftBank Group Corp. and investment funds submitting first-round proposals, people with knowledge of the matter said.

The U.S. investor is seeking to sell the Ooedo Onsen Monogatari group for more than 100 billion yen ($932 million), said the people, who asked not to be identified because the information isn’t public. Bain Capital is also considering an initial public offering for the hot-spring business, they said. The investment group bought the Japanese company in 2015 for about 50 billion yen, the Nikkei newspaper reported at the time.