Category: Article
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Japan Building Materials M&A: Group Restructuring, Distribution Roll-Ups and Foreign Capital
(Updated October 2026. USD figures are converted at USD/JPY = 150 for reference.) New housing starts in Japan fell to about 741,000 units in 2025, the third consecutive annual decline. Against this background, Japan building materials M&A has centered on changes in the ownership of large groups’ businesses. Panasonic Holdings sold 80% of its housing…
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Japan Veterinary Hospital M&A: Hospital Groups, Fund-Backed Platforms and Foreign Capital in Japan’s Veterinary Care
(Updated October 2026. USD figures are converted at USD/JPY = 150 for reference and rounded.) The number of registered small-animal veterinary facilities in Japan rose by more than 10% over the past decade, while the number of pet dogs declined again between 2021 and 2025. Recent Japan veterinary hospital M&A shows three movements. WOLVES HAND,…
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Japan Staffing M&A: Fund Take-Privates, Group Carve-Outs and Owner Exits in Japan’s Staffing Industry
(USD figures are converted at USD/JPY = 150 for reference. Figures in other currencies are shown as disclosed, with yen equivalents where the companies disclosed them.) Japan’s worker dispatch market reached about ¥9.9tn (~USD 66bn) in annual sales in fiscal 2024. Since 2024, four listed Japanese staffing companies (Outsourcing, Trite, TechnoPro Holdings and Forum Engineering)…
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Japan Paint and Coatings M&A: Chemical-Major Carve-Outs, Owner-Run Manufacturers and Global Consolidation
(Updated October 2026. USD figures are converted at USD/JPY = 150 for reference.) Japan’s paint and coatings market continues to contract in volume. Between 2025 and 2026, three Japanese chemical groups (Sumitomo Chemical, AGC and Zeon) agreed to transfer their paint subsidiaries or affiliates to dedicated paint makers. Owner-run paint and construction-chemical makers have been…
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Asia-Pacific Cross-Border M&A by Japanese Companies — Q3 2026 Review: Continued Acquisitions and Investments, Alongside Divestments and Reorganizations of Overseas Businesses
Executive Summary In the third quarter of 2026 (July–September), we observed 123 Asia-Pacific cross-border M&A transactions involving Japanese companies, well above the 77 deals in the same period of 2025 (Syntax Partners research). Quarterly counts ranged from 60 to 73 in 2024 and from 65 to 112 in 2025, making 123 the highest quarterly figure…
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Japan Subsidiary Profitability: Rethinking the Roles of Distributors, the Japan Entity and Regional HQ
Executive summary Introduction Global and regional leadership ask when the Japan business will turn a profit, and the Japan team is expected to answer. We receive inquiries of this kind from the management of foreign-affiliated companies in Japan. In JETRO’s 2025 Survey on Business Operations of Foreign-affiliated Companies in Japan (1,520 valid responses), 61.6% of…
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Japan Industrial Waste M&A: Landfill Acquisitions, Listed Consolidators and Foreign Entrants
(Updated October 2026. USD figures are converted at USD/JPY = 150 for reference. Company fiscal years are written as FY2026/3 for the year ended March 2026; government statistics follow Japan’s fiscal year from April to March.) Industrial waste generation in Japan continues to decline gradually. Japan industrial waste M&A over the past few years has…
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Thailand’s Automotive Market 2026: Japanese Share Falls Below 70%, a Chinese EV Maker Collapses — and What Became of Toyota’s China Sourcing
Introduction In August 2025, we published “Toyota’s EV Procurement Transformation in Thailand.” The report started from a Nikkei story dated August 2, 2025. According to Nikkei, Toyota had introduced the Chinese interior-materials maker Wuhu Yuefei to Thailand’s Summit Group (a seat and auto parts group, separate from Thai Summit Group discussed later), the two companies…
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Japan Medical Device M&A: Group Carve-Outs, Distributor Consolidation and Private Equity Take-Privates
(Updated October 2026. USD figures are converted at USD/JPY = 150 for reference unless otherwise stated.) Domestic shipments of medical devices in Japan reached ¥4.72tn (~USD 31.5bn) in 2024. In Japan medical device M&A over the past several years, large Japanese groups (Hitachi, JEOL, Teijin and Olympus among them) have sold medical device businesses or…
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Japan’s SIer Industry and M&A: Consolidation Driven by a 77% Succession Gap, Talent Acquisition and Surging DX Demand
(Updated October 2026. USD figures are converted at USD/JPY = 150 for reference.) Japan’s information services market continues to grow in revenue. Over the past few years, several major Japanese IT services companies have been taken private by their parent companies: NTT DATA Group, Itochu Techno-Solutions (CTC) and SCSK were all delisted between 2023 and…
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Japan Pump M&A: Group Carve-Outs, Customer-Led Acquisitions and Japanese Pump Makers Abroad
(Updated October 2026. USD figures are converted at USD/JPY = 150 for reference and rounded; amounts disclosed in USD or other currencies are shown as disclosed. Company fiscal years are shown as FY2026/3 for the fiscal year ended March 2026. Industry and government statistics on a fiscal-year basis are shown with their periods, for example…
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Japan Pharmaceutical Distribution M&A: Regional Wholesalers Absorbed by the Majors, Medical Device Dealers Merging and Foreign Entry in Adjacent Fields
(Updated October 2026. USD figures are converted at USD/JPY = 150 for reference.) Japan’s ethical pharmaceutical wholesale market is led by four listed groups: Medipal Holdings, Alfresa Holdings, Suzuken and Toho Holdings. In 2023, Alfresa acquired Miyazaki Onsendo Shoten of Isahaya, Nagasaki, and Medipal took full ownership of Tohshichi of Sasebo, Nagasaki, bringing two independent…