In February 2019, CVC Capital Partners, the global private equity giant, made a low-key announcement that it was offloading a Japanese care provider called Hitowa Holdings to Polaris Capital. Given the scale of the CVC balance sheet, the $500 million sale of Hitowa, which provides housekeeping and nursing services to rehab centres, was relatively modest. After all, from its base in Luxembourg, CVC has $79.6 billion of assets under management and $135.8 billion of funds committed. The deal barely made a ripple in Ireland. Why would it have? Yes, CVC Capital is well known primarily in Ireland for its sizable…

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A triumph in Tokyo: How CVC Capital used Ireland to make hundreds of millions of euro from a Japanese care provider

Last year, CVC Capital Partners sold a Japanese care provider for $500m. Drawing from documents across six countries, we reveal how the Luxembourg private equity giant orchestrated the deal through Dublin – from the money trail to the €4,000 tax bill.

20th Jul, 2020 - 4 min read

Ian Kehoe

Executive Editor

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