Sunrise Capital II invests in El Dorado Group



Tokyo, Wednesday 21 June, 2017 – CLSA Capital Partners, the alternative asset management arm of CLSA, is pleased to announce the investment by Sunrise Capital II (“Sunrise II”) into Japan-headquartered El Dorado Ltd, Lcode Ltd, and Hong Kong-headquartered CANDY MAGIC International Limited (collectively the “El Dorado Group”), a group of companies specialising in the design, manufacture and sales of beauty contact lenses. Sunrise II is a CLSA Capital Partners’ fund that invests in established, mid-cap companies with strong growth potential in Japan.

Since its establishment in 2007, the El Dorado Group has been credited with pioneering the Japanese beauty contact lenses industry and has played an iconic role in promoting the use of beauty contact lenses as a new style of “eye make-up”. The El Dorado Group manages multiple brands such as “Candy Magic” and “ReVIA” which are positioned to accommodate the various fashion needs and styles of their consumers and are highly popular among all age groups of female users. The El Dorado Group established a Hong Kong presence in 2015 to pursue further growth through Asian expansion, mainly targeting Hong Kong and Mainland China.

Upon investment, Sunrise II and the El Dorado Group’s founder and major shareholder, Mr. Tomohiro Fujiwara, will jointly establish an SPC, CM Holdings Ltd. Following the transaction, the companies affiliated to the El Dorado Group will become 100% subsidiaries of CM Holdings Ltd. The El Dorado Group will retain the existing management team, company names, brand names and does not anticipate material changes in the business’ operations. Sunrise II will work closely with the El Dorado Group’s management team as a strategic partner to jointly pursue further growth both domestically and overseas.

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 About the El Dorado Group

The El Dorado Group specialises in the design, manufacture and sales of beauty contact lenses and related products. El Dorado Ltd is responsible for the design, manufacture and OEM contract manufacturing of the El Dorado Group’s products, Lcode Ltd handles the domestic sales of products and CANDY MAGIC International Limited handles the sales of products within the Asian region (ex-Japan), mainly within Hong Kong and Mainland China. The core beauty contact lenses business operates six main brands including “Candy Magic” and “ReVIA”, and distributes its products at nationwide beauty contact specialised stores, drug stores, discount stores and general merchandise stores in addition to distributing through various e-commerce channels.

About Sunrise Capital

Sunrise Capital is a Japan-dedicated private equity strategy, capitalising on opportunities in the mid-cap buyout sector. Sunrise Capital’s unique features include a hands-on approach, in assisting portfolio companies realise their growth potential, and support with overseas expansion through CLSA’s global network. Including the El Dorado Group, Sunrise Capital has completed investments in 11 companies since its establishment in 2006.

About CLSA Capital Partners

CLSA Capital Partners is the alternative asset management arm of CLSA, Asia’s leading and longest-running brokerage and investment group. CLSA Capital Partners has more than US$3 billion under management and offices across the region, including Hong Kong, Singapore and Tokyo. CLSA Capital Partners offers a diversified and increasing range of investment strategies managed by a diverse team of industry professionals with expertise in private equity, banking and finance, law and accountancy and various industry specialisations. For more information visit


Simone Wheeler
Global Head, Group Communications
T: +852 2600 8196
Mandy Ho
Senior Communications Manager
T: +852 2600 8193