Tokyo – Frontier Management Inc. (CFI Japan) is pleased to announce that they acted as financial advisor to Kyushu Railway Company in the sale of 51% of the shares of JR Kyushu Drug Eleven Co.,Ltd. to Tsuruha Holdings Inc. After this transfer, JR Kyushu will continue to hold 49% of the shares of Drug Eleven.
Drug Eleven operates in accordance with its corporate philosophy of finding joy in the health, beauty, and satisfaction of customers and contributing to local communities with a feeling of gratitude. On that basis, Drug Eleven has developed the drugstore business, principally in the Kyushu and Okinawa regions, as a core subsidiary in the JR Kyushu Group’s Retail and Restaurant segment. In particular, Drug Eleven has rolled out stores in a variety of formats in line with local community characteristics and customer usage scenarios.
TSURUHA HOLDINGS INC. is a holding company which manages subsidiaries that operate drug stores in Hokkaido and the Tohoku area. The Company’s product line includes drugs, cosmetics, and household utensils.
The transaction closed in May 2020.
has been sold to
€ 40 000 000