Houlihan Lokey Advises iSigma Capital

Houlihan Lokey is pleased to announce that iSigma Capital, a Tokyo-based private equity firm, has sold its portfolio company, Tsubaki Style, a high-value-added packaging manufacturer specializing in stylish plastic containers for premium skincare and personal care products, to Ant Capital Partners. The transaction closed on September 18, 2026.

Founded in 2000 as a wholly owned subsidiary of Marubeni Corporation, iSigma Capital invests in and partners with selected small and medium-sized enterprises across a variety of sectors, ensuring business owners' peace of mind by delivering growth capital and hands-on support for buyouts and business succession. iSigma Capital has invested in more than 25 portfolio companies across various end markets, including automotive, financial Services, food and beverage, and industrials.

Established in January 2014 and headquartered in Tokyo, Japan, Tsubaki Style is a manufacturer and marketer of high-value-added plastic bottles and containers for the cosmetics and toiletries industries. Drawing on a manufacturing heritage dating back to 1961, the company supplies its wide range of blow-molded plastic container products to leading cosmetics and toiletries brands across Japan. Tsubaki Style operates three in-house production plants in Saitama and Saga, as well as dedicated showrooms in Tokyo, Osaka, and Saga, where its latest original designs are on display. The company also advances sustainability through its circular bottle recycling system and its pioneering use of environmentally friendly biomass plastics.

Founded in 2000, Ant Capital Partners is a Tokyo-based private equity firm that invests in Japanese small and medium-sized enterprises, pursuing business succession, carve-out, and restructuring opportunities, as well as secondary investments.

Houlihan Lokey served as the exclusive financial advisor to iSigma Capital and assisted in initiating, structuring, and negotiating the transaction. This deal exemplifies the continued success of Houlihan Lokey’s dedicated coverage of the industrials sector, especially the paper and packaging sector.

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