Japan's ACA exits aged care business
Tokyo-listed healthcare provider Solasto will acquire 100% of Japan Elderly Care Service for JPY2.3 billion ($22 million), providing an exit for local private equity firm ACA Investments.
ACA acquired the nursing home care center and service provider in August 2015 for an undisclosed sum. The firm specializes in small-cap buyouts with a specific interest in healthcare.
Japan Elderly Care offers home visit, out-of-town, and long-term care, with capacities in mobility and dementia support. Operations encompass 15 day care centers, 30 home care support offices, and 78 nursing care facilities, primarily in the Tokyo area.
Solasto said in a release the acquisition would help it meet rising demand in the segment by expanding its service portfolio from about 480 to 600 locations. The company, formerly known as NIC Corp, was privatized by The Carlyle Group in 2011 in one of the investor’s early Japan forays. It re-listed four and a half years later.
According to government data, Japan’s over-60 age block will account for almost 40% of the population by 2050, and about two million Japanese are now turning 70 every year. Some of the most recent private equity activity targeting this theme includes Bain Capital offering JPY109.5 billion for aged care provider Nichii Gakkan and NSSK securing a partial exit from Vati, a nursing home operator with about 140 locations.
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