Ropes & Gray and Anderson Mori & Tomotsune have advised global private equity giant Bain Capital on its $694 million majority acquisition of Red Baron Group - Japan’s largest used-bike dealer.

Nishimura & Asahi advised Red Baron, which has over 300 stores across the country, and whose management is expected to stay in place as part of the deal.

The deal marks Bain’s latest foray into a defiant Japanese M&A market that refuses to be blown by global headwinds.

Bain has increased its deal activity in the Japanese market of late, with plans to add $31 billion to its portfolio in the coming five years.

The Ropes team was led by private equity counsel Kaori Fukazawa and included M&A partner Tsuyoshi Imai, finance partner Ben Morris, and associates Takashi Nakamura and Alex Nakayama.

Ropes has also advised Bain on two other Japan deals of late, namely take-private offers for Trancom, a logistics services, industrial support and IT systems company, and T-Gaia, a Tokyo-based mobile phone distributor, for $491 million and $987 million, respectively.