Private equity firm MBK Partners has sold Japan Wellbeing, a Japanese senior care company, to U.S. buyout firm Advent International. The deal is valued at approximately 2 trillion won.
MBK has agreed to sell its controlling stake in Japan Wellbeing to Advent International, according to investment banking sources Friday. The deal is valued at 200 billion yen (approximately 1.9033 trillion won). Advent International, a Boston-based private equity firm founded in 1984, is regarded as having strengths in investments in pharmaceutical and biotech, healthcare, and senior care service companies. This transaction marks Advent International's first acquisition in the Japanese market in about 15 years.
Japan Wellbeing is a senior care company that operates "Tsukui" and "Soyokaze," Japan's largest home care services. Its revenue grew from 154.4 billion yen (approximately 1.52 trillion won) in 2022 to 180.1 billion yen (approximately 1.71 trillion won) last year. Over the same period, earnings before interest, taxes, depreciation, and amortization (EBITDA) nearly doubled from 10.4 billion yen (approximately 100 billion won) to 18.1 billion yen (approximately 172 billion won).
After acquiring a stake in Tsukui in 2021, MBK established Japan Wellbeing in 2022, building a holding company structure that brought Tsukui and Soyokaze under its umbrella. The firm established a collaboration system between Tsukui and Soyokaze and improved service quality by utilizing information and communications technology (ICT). The steeper growth in EBITDA compared to revenue growth is interpreted as the result of an improved profit structure alongside top-line expansion.
