Private equity fund (PEF) manager MBK Partners sold its controlling equity in Japanese elderly care corporations Japan Wellbeing for about 2 trillion won.
On the 26th, according to the investment banking (IB) industry, Japan Wellbeing said the previous day that Advent International would acquire the controlling equity held by MBK. The transaction size is 200 billion yen (about 1.9 trillion won).
Advent International is a PEF manager based in Boston, established in 1984. It has a global investment track record in pharmaceuticals, healthcare technology, and care services.
Japan Wellbeing is a holding company with 16 corporations under it, including Tsukui (Tsukui), Japan's largest care services company, and SOYOKAZE (SOYOKAZE). MBK acquired equity in Tsukui in 2021 and established Japan Wellbeing in 2022. Japan Wellbeing said it built a collaboration system between Tsukui and SOYOKAZE and raised corporate value by using multiple mergers and acquisitions (M&A).
Japan Wellbeing's revenue rose from 154.4 billion yen (about 1.52 trillion won) in 2022 to 180.1 billion yen (about 1.71 trillion won) last year. During the same period, EBITDA increased from 10.4 billion yen (about 100 billion won) to 18.1 billion yen (about 172 billion won). There is an assessment that, rather than simple top-line growth, it improved results by changing its profit structure.