Houlihan Lokey Advises Lion Corp.

Houlihan Lokey is pleased to announce that Lion Corp. (Lion) has acquired 36% shares in MERAP Holding Corp. (MERAP) of Vietnam. The transaction closed on March 1, 2023.

Founded in 1891 and headquartered in Tokyo, Japan, Lion (TYO:4912) is one of Japan’s largest manufacturers of FMCGs (fast-moving consumer goods) with more than ¥300 billion (US$2.3 billion) in sales and ¥400 billion (US$3.1 billion) in market capitalization. It manufactures and distributes a wide range of personal and household care products, from dental, oral, body, hair/skincare, and medication to fabric care, kitchen cleaners, food preparation, and health and beauty products. Lion operates globally in more than eight countries, employing more than 7,500 people across Japan and other Asian countries.

The target company, MERAP, headquartered in Ho Chi Minh City, Vietnam, owns several major healthcare brands, mainly over-the-counter pharmaceuticals, as well as distribution networks and sales capabilities that cover hospitals, clinics, and pharmacies throughout Vietnam.

Through this transaction, Lion will expand its business in Vietnam and pursue synergies by combining the platforms of both companies, primarily in the oral health and wellbeing space. Lion’s overseas business has demonstrated solid growth over the past 10 years through its glocalization strategy. It aims to further expand its presence in Asia by entering two new countries or regions by 2024 as part of the latest Medium-Term Management Plan.

Houlihan Lokey served as the exclusive financial advisor to Lion.