MBK Partners becomes largest shareholder of Tsukui Holdings The PE firm takes elderly care firm private through tender offer

Translated by Soin Kim 공개 2021-03-31 08:28:14

이 기사는 2021년 03월 31일 08:07 더벨 유료페이지에 표출된 기사입니다.

Private equity firm MBK Partners is proceeding smoothly with its plan to capitalize on Japan’s fast-growing aged care and healthcare sector.

MBK Partners has recently become the largest shareholder of Japanese nursing homes operator Tsukui Holdings Corporation with a 64.07% stake through a tender offer, according to the Tokyo Stock Exchange on Monday.

The PE firm has purchased over 45.7 million shares of Tsukui Holdings from February 9 to March 24 at 924 yen apiece, a premium of more than 44% on the February 5 closing price. Tsukui Holdings was 25.58% held by owner Tsukui Kikaku and 74.42% by minority shareholders.

MBK Partners plans to purchase shares owned by Tsukui Kikaku to take the company private and delist it. The deal, which reportedly valued the company at 92.5 billion yen (950 billion won), is expected to close in the second half of this year.

The deal is MBK Partner’s first investment in the aged care and healthcare sector.

Japan’s aged care industry is expected to grow rapidly in the coming decades as the country’s population ages. Japan is the oldest country in the world, with people aged 65 or older accounting for 28.7% of the total population in 2020. The Japanese senior healthcare market is expected to be worth more than 100 trillion yen by 2025, and its potential is attracting significant attention from PE firms.

Tsukui Holdings is a leading nursing homes operator in Japan, specializing in day care services. The company has nearly 700 facilities and more than 21,000 employees in Japan.

Tsukui Holdings recorded revenue of $882 million and earnings before interest, taxes, depreciation and amortization of $75.8 million from October 2019 to September 2020.

MBK Partners has been very active in Japan, with recent notable deals including its acquisition of Accordia Golf in 2017. The PE firm bought the golf course operator through a tender offer at a valuation of 85.3 billion yen. (Reporting by Hee-yeon Han)
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