CVC buys Japan staffing business from Cerberus
TOKYO, March 29
TOKYO, March 29 (Reuters) - U.S. buyout firm Cerberus Capital Management has sold the Japanese operations of an employment agency to private equity firm CVC Capital Partners for an undisclosed amount, after spending around two years trying to shift the unit.
London-based CVC will buy the business, recently renamed Prompt Holdings, under a management buyout, Prompt said in a statement on Wednesday. The current management will not be changed.
Japan's Recruit Co in January bought the U.S. and European operations of Prompt, then known as Advantage Resourcing, for $410 million, with sources saying the whole company had been on offer since 2010.