Yonezawa Electrical Engineering Co., Ltd., Hiroshi Yonezawa, Takatomo Niikawa along with the management team of EONEX Group completed the acquisition of 50.7% stake in Eonex Co., Ltd. from Gokurakuyu Holdings Co., Ltd..
May 26, 2020
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Yonezawa Electrical Engineering Co., Ltd., Hiroshi Yonezawa, Takatomo Niikawa along with the management team of EONEX Group acquired 50.7% stake in Eonex Co., Ltd. from Gokurakuyu Holdings Co., Ltd. (JASDAQ:2340) for ¥350 million on May 12, 2020. As part of the transaction, President and Chief Executive Officer of the Gokurakuyu Holdings, Takatomo Niikawa, ., Hiroshi Yonezawa, and Yonezawa Electrical Engineering acquired 4%, 14.5% and 14.5% stakes in Eonex. Post the transaction, EONEX will not become a consolidated subsidiary of the Gokurakuyu, but an affiliate. Eonex Co., Ltd reported sales of ¥2409.119 million, total assets of ¥1635.571 million, operating income of ¥40.222 million, net income of ¥31.027 million and net assets of ¥466.250 million for the year ended March 31, 2019.
Yonezawa Electrical Engineering Co., Ltd., Hiroshi Yonezawa, Takatomo Niikawa along with the management team of EONEX Group completed the acquisition of 50.7% stake in Eonex Co., Ltd. from Gokurakuyu Holdings Co., Ltd. (JASDAQ:2340) on May 12, 2020.
GOKURAKUYU HOLDINGS CO., LTD. is a Japan-based company mainly engaged in the hot bath business. The Company operates through two regional segments. The Company is mainly engaged in the operation of large-scale hot bath facilities (super public baths) in Japan and overseas under the names GOKURAKUYU and RAKU SPA. The directly operated stores receive entrance fee income, food and beverage income, hairdressing income and merchandise sales income. The franchise stores receive merchandise sales income and royalty income related to super public bath management based on membership contracts. The Company is also engaged in the operation of soba and tempurameshi stores Kojimachi Baraku in Japan, as well as the operation of hotels in overseas.
Yonezawa Electrical Engineering Co., Ltd., Hiroshi Yonezawa, Takatomo Niikawa along with the management team of EONEX Group completed the acquisition of 50.7% stake in Eonex Co., Ltd. from Gokurakuyu Holdings Co., Ltd..
GOKURAKUYU HOLDINGS CO., LTD. 