KKR Sells Stake In DJ Equipment Maker Alphatheta to Japan’s Noritsu
Investment firm KKR is selling ownership of AlphaTheta (formerly Pioneer DJ) to Noritsu, a Japanese photo processing machine manufacturer.
On March 2nd, 2020 Noritsu Koki Co., Ltd. has signed a Share Purchase Agreement with KKR PDJ Investment L.P. and Pioneer Corporation to transfer all AlphaTheta Corporation share each company holds to Noritsu Koki Co., Ltd.
With this agreement Noritsu Koki Co., Ltd. will be the parent company for AlphaTheta Corporation early April 2020.
As per the official press release by AlphaTheta, “Our business, operations, brands, including brand names will not be affected. We will continue contributing to the music industry with our innovative products and superior service through Pioneer DJ, rekordbox, KUVO, TORAIZ, Pioneer Professional Audio brands.”
Tokyo Stock Exchange-listed Noritsu said it will acquire all shares of AlphaTheta for 35 billion yen ($324.9 million), and will use a 30 billion yen non-recourse loan to pay the interest-bearing debt of the target company. The acquisition is aimed at increasing the profitability of the company’s businesses and achieving growth in the medium-term management plan.
The deal comes shortly after AlphaTheta rebranded the business earlier this year.
“We are proud to have worked with the management team and employees of Pioneer DJ, now AlphaTheta, to assist the business’ growth in key global markets and to accelerate the company’s migration towards a software-subscription model to align with emerging industry trends – all as a standalone company,” Hiro Hirano, co-head of private equity for KKR Asia Pacific and CEO of KKR Japan, said in a statement.