Houlihan Lokey Advises NPR-RIKEN

Houlihan Lokey is pleased to announce that NPR-RIKEN Corp. (NPR-RIKEN) has acquired the shares of SHINWA VANES Co., Ltd. (SHINWA VANES) and made it a subsidiary of Riken Corp. (Riken), a subsidiary of NPR-RIKEN. The transaction closed on February 14, 2024.

NPR-RIKEN is a listed company on the Tokyo Stock Exchange Prime market (TYO:6209) and was established in October 2023 through the merger of Riken and Nippon Piston Ring Co., Ltd. It mainly manufactures piston rings that operate as critical, functional parts in an internal combustion engine and also manufactures automotive parts, thermal engineering products, and plumbing equipment.

SHINWA VANES is a portfolio company of Endeavour United Co., Ltd. It has unique development capabilities and know-how in the design, development, and manufacturing of industrial heaters, electric heating equipment, and parts and has met the ever-changing needs of various industries that require heating.

By acquiring SHINWA VANES, NPR-RIKEN will be able to expand and strengthen its next core businesses in non-ICE fields as part of its midterm corporate strategy (2024–2026) to transform its business portfolio.

Houlihan Lokey served as the exclusive financial advisor to NPR-RIKEN, providing a full-scope M&A advisory service, including due diligence, valuation, and negotiations on the buyer’s behalf. Houlihan Lokey also supported Riken on its acquisition of JFE Pipe Fitting, and this is the second transaction with the company.