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  • North Asia

Japan's Next Capital exits massage chair maker to Asahi

  • Andrew Woodman
  • 20 May 2014
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Next Capital has agreed to exit its stake in Fuji Medical Instruments (Fujiiryoki), a Japanese manufacturer of massage chairs and other health-related products, to Asahi Holdings for JPY7.8 billion ($76.7 million).

Asahi will acquire 81% of the business, or 242,828 shares, through its subsidiary Japan Waste Corporation.

Next first acquired a 69% stake in Fujiiryoki in November 2007 via its JPY 8.8 billion maiden fund. It returned in September 2012 to take an additional 11.5% stake, for an undisclosed sum, via Fund II.

Set up in 1954, Fujiiryoki produces massage chairs, massaging tools, hearing aids, alkaline water ionizers, fitness equipment and other therapeutic household items. It claims to be the domestic leader in the massage chair market, selling its products through large-scale home appliance stores, local electronic appliance shops, catalogue companies and overseas agencies.

As of the financial year ended August 2013, the company had net sales of JPY17.2 billion, less than the JPY18.5 billion seen the previous year but more than the JPY17 billion reported in 2011. Asahi said it is hopes to use Fujiryoki to tap future opportunities created by Japan's ageing demographic.

"As the number of senior people increase in Japan, the healthcare-related equipment industry is one of few markets expected for growth in the future," the company said in a statement.

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