Private equity firm Permira has agreed Japan's largest secondary buyout and its first in the country with the ¥250bn (€1.5bn) agreed deal for agricultural chemicals company Arysta LifeScience.

Permira made the deal via an Ireland-registered holding company, Industrial Equity Investments Limited, set up in November 2005 at the same time as the firm opened its Japanese office. It has bought all of Arysta from Olympus Capital Holdings Asia, a US-based buyout firm with a Tokyo office.