Houlihan Lokey Advises Nippon Sangyo Suishin Kiko

Houlihan Lokey is pleased to announce that Nippon Sangyo Suishin Kiko (NSSK) has sold nursing care service provider Welfare Suzuran, and the holding companies of Welfare Suzuran, NSSK-L, and NSSK-LL, to Ricoh Leasing.

NSSK was founded in 2014 as an investment firm with a mission to establish a leading alternative asset investment business in Japan by investing in attractive Japanese companies in partnership with management and contributing to the environment, society, and governance (ESG) of Japan and beyond.

Welfare Suzuran, a portfolio company of NSSK, was established in 2011 in Nagoya, Japan, as a nursing care service provider operating eight residential-type nursing homes, three group homes for residents with disabilities, and a group home for residents with dementia. It has achieved high recognition from its customers and their families and has established notable presence and a solid reputation, along with a strong brand in its operating areas.

Founded in 1976, Ricoh Leasing engages in the leasing and finance business, providing various financial services such as rental, installment sales, and loans related to capital investments. Since 2000, Ricoh Leasing has focused on growing in the medical sector and started providing a fee-factoring service for nursing compensation in 2011 for healthcare providers. Annual transaction volume in this area is now in excess of JPY 70 billion.

Through this transaction, Welfare Suzuran will achieve further growth and improve corporate value by realizing synergies with Ricoh Leasing’s medical and nursing care business and utilizing the company’s robust financial standing and the solid credit standing of its financing services.

Houlihan Lokey served as the exclusive financial advisor to NSSK, providing a full-scope M&A advisory service from initiation to due diligence, valuation, structuring, and negotiations on NSSK’s behalf.