Funds advised by CVC Asia Pacific ("CVC Funds") agreed to acquire the Japanese engineering staffing business of Promontoria Investment I.B.V. The acquired business includes 100% of the equity of several Japanese and Chinese engineering staffing companies including Ctec, Technopro Engineering, CSI, Hitec and N&C. CVC Funds acquired this business together with the current management team in a management buyout structure. The name of the new holding company will be Technopro Holdings, and the business will become the largest engineering staffing company in Japan with over 10,000 engineers.
All of the current management team will remain with the business. Charles Abadie, will continue as Chairman of Technopro Holdings. Keith Mitchell will be appointed as Representative Director and CEO. Yasuji Nishio will continue as Managing Director and CFO. All other operating company executives also retain their current positions and responsibilities.
CVC and management are committed to continue the highest standards in compliance and corporate social responsibility. CVC will also support the growth of Technopro Holdings both in Japan as well as in other Asian countries.
Charlie Abadie commented: "I am extremely pleased to be part of this leadership and investment team. I am confident that Technopro Holdings will continue to contribute to Japanese and Chinese society by providing world-class support to our corporate clients while enabling our employees to reach their career goals and aspirations." Keith Mitchell added: "I am excited about the opportunity to partner with CVC who shares our vision to grow with our clients beyond Japan and into China and other regions in Asia."
From CVC Japan, Kei Mizukami, Senior Managing Director, and Norimitsu Niwa, Managing Director together commented: "We see a tremendous opportunity in the engineering staffing sector in Japan following the continued outsourcing trend of major Japanese industrial corporations." Roy Kuan, Managing Partner of CVC Asia, added: "We are honored to sponsor the management buyout of the leading engineering staffing company in Japan, and are excited to support further growth across Asian countries."
CVC was advised by Nomura, Freshfields, Roland Berger, and PwC.