CITIC Capital Partners, the private equity arm of CITIC Capital Holdings Limited, says that it has agreed to sell all of its stake in Higashiyama Film Co., Ltd. to Japanese specialty chemicals firm Otsuka Chemical Co., Ltd. for an undisclosed amount, according to a company announcement.
No other details of the deal are disclosed.
Higashiyama Film is a Japanese maker of polyester film-based materials developed principally for film coatings.
CITIC Capital Partners invested in Higashiyama Film in June 2010 through CITIC Capital Japan Partners II, L.P., its second Japan buyout fund.
Since its investment, CITIC Capital has worked closely with the Higashiyama Film management to refine its strategic vision, enhance management infrastructure and improve production efficiencies.
In 2012, Higashiyama Film invested in a major new manufacturing facility, which enabled the company to capture the surging demand from Asian regions, especially China, for its coated film products.
Higashiyama Film hopes to partner with Otsuka Chemical, which has extensive polymer material technology and capabilities, after the completion of the deal.