Restaurant operator G.communication Co. has sold its subsidiary that runs the language schools Nova and Geos to an investment fund managed by its founder and former chairman.
The Oct. 1 transaction was apparently triggered by the fact that G.communication’s parent company, Foody’s Co., has been hit hard by the recent failure of Incubator Bank of Japan. Investors to Foody’s include businesses with close ties to the bank.
G.education Co. had just taken over the operations of Geos this April after the school’s previous operator went belly up. G.education acquired Nova’s operations in 2007 following the bankruptcy filing of the school’s former operator.
G.education is now 66% owned by the investment fund, which is headed by Masaki Inayoshi.
