HONG KONG North Asia-focused private equity firm MBK Partners paid over $300 million to wholly acquire Unimat Retirement Community Co URC, a Japanese elderly care service provider, a person with direct knowledge of the deal, told Reuters on Wednesday.
Seoul-based MBK announced the acquisition of URC without disclosing financial details of the deal in a Japanese language press release on January 27, and in a release to Reuters on Wednesday.
The market leader in short stay care business is up to 30 days, according to MBK. It also offers daytime elderly care.
Tokyo-based URC could not be reached for comment.
The URC acquisition marks the latest foray by MBK in Japan's elderly care sector. The firm bought Japan's largest daytime care company Tsukui in 2021 for over $350 million in equity, according to a South Korean newspaper at the time.
The investments were made because MBK recognised the high growth potential of Japan's nursing care industry and its social significance, MBK said in the release.
The firm said that URC and Tsukui are expected to combine their expertise to improve operational efficiency after the latest investment.
The URC was founded in 1974 and was delisted from the Tokyo Stock Exchange in 2021, according to its website.
The website shows that it also provides delivery, fitness, life planning and recruitment businesses.
MBK focuses on buyouts and special situation investments in China, Japan and Korea, currently with $25.6 billion in capital under management.