Japanese apparel firm Mash Holdings Co., operator of loungewear brand Gelato Pique, said Wednesday that it will be acquired by U.S. investment fund Bain Capital Private Equity for approximately 200 billion yen ($1.43 billion).
The acquisition, to be completed by the end of December, is expected to expand Mash's reach globally, especially in China, with a plan to take the company public in three to five years. The firm's Gelato Pique brand has become popular among young people in Japan.
Bain Capital will secure a majority stake in the Japanese firm by acquiring all shares owned by Mash President Hiroyuki Kondo, who will then reinvest in the company.
The apparel operator said it plans to maintain its brands and employees following the transaction.
For its business year ended August, Mash logged 102.3 billion yen in sales, up 13.8 percent from the previous year, as customers bought more loungewear while the COVID-19 pandemic kept people indoors.
The majority of its sales currently rely on domestic businesses, but the acquisition by Bain Capital is expected to put Mash's overseas reach on par with its domestic side.
The clothing company was founded in 1998 and operates various businesses, including eateries and cosmetics.
