Japan’s Seven & i Holdings, the operator of the 7-Eleven convenience store chain, has selected Bain Capital as its preferred buyer for a stake in its non-core assets, according to local media reports on Saturday.
Since late last year, Bain has been competing with private equity firm KKR and local buyout firm Japan Industrial Partners to acquire a significant stake in York Holdings, an entity Seven & i plans to spin off.
According to reports from the Nikkei newspaper and Jiji news agency, Bain has reportedly offered a valuation exceeding 700 billion yen ($4.7 billion) for York Holdings. Nikkei cited an unnamed source, while Jiji did not disclose the origin of its information.
Seven & i, KKR, and Japan Industrial Partners were unavailable for immediate comment on Saturday, while Bain declined to provide a statement.
The retailer aims to streamline operations by divesting non-core businesses and consolidating them under York Holdings. This unit will encompass 31 subsidiaries, including the group’s superstore business, baby goods retailer Akachan Honpo, and the company managing Denny’s restaurants in Japan.
