Japan’s Seven & i Holdings, the operator of the 7-Eleven convenience store chain, has chosen Bain Capital as its preferred buyer for a stake in its non-core assets, according to a report by Reuters citing local media reports on Saturday.
Bain has been competing with private equity firm KKR and local buyout firm Japan Industrial Partners in bidding for a significant stake in York Holdings, a new entity that Seven & i plans to spin off, with the bidding process ongoing since late last year.
According to reports from the Nikkei newspaper and Jiji news agency, Bain is believed to have offered a valuation exceeding JPY700bn ($4.7bn) for York Holdings. The Nikkei cited an unnamed source, while Jiji did not disclose its information source.
Seven & i, KKR, and Japan Industrial Partners were not immediately available for comment on Saturday, while Bain Capital declined to provide a statement.
As part of its restructuring efforts, Seven & i plans to consolidate its non-core businesses — including supermarket operations — under York Holdings. The newly created entity will oversee 31 subsidiaries, including the group’s superstores business, baby goods retailer Akachan Honpo, and the company managing Denny’s restaurants in Japan.
