Houlihan Lokey Advises Alfresa Holdings

Houlihan Lokey is pleased to announce that Alfresa Holdings Corp. (Alfresa) has acquired Miyazaki Onsendo Shoten Co., Ltd. (Miyazaki Onsendo Shoten) from Onsendo Co., Ltd. (Onsendo). The transaction closed on February 28, 2023.

Headquartered in Chiyoda-ku, Tokyo, Alfresa (TYO:2784) is one of the largest pharmaceutical wholesalers in Japan, with sales of approximately ¥2,586 billion (US$23 billion) and EBITDA of approximately ¥42 billion (US$373 million) as of FYE March 2022. The company engages in a range of healthcare businesses, from manufacturing and the wholesale of pharmaceuticals and other products to operating nationwide dispensing pharmacies. As a key player, Alfresa supports the pharmaceutical supply chain in Japan, a critical part of the social infrastructure, and strives to meet a full scope of medical needs on a daily basis as well as in times of natural disasters or pandemics.

Miyazaki Onsendo Shoten was established in 1927 and is headquartered in Nagasaki. A wholesaler of pharmaceuticals, medical equipment, and nursing and healthcare products, it has continued to serve local customers in the Kyushu region, including Saga and Kumamoto prefectures, for almost 100 years.

With an aim to enhance corporate value by strengthening its business in the Kyushu region, Alfresa has acquired all outstanding common shares of Miyazaki Onsendo Shoten from Onsendo to make it its wholly owned subsidiary.

Houlihan Lokey’s Japan subsidiary G-FAS Corp. served as the exclusive financial advisor to Alfresa, providing a full-scope M&A advisory service and due diligence.

To learn more about the transaction, please read the official press release here in Japanese.