Houlihan Lokey Advises POKKA SAPPORO FOOD & BEVERAGE

Houlihan Lokey is pleased to announce that POKKA SAPPORO FOOD & BEVERAGE LTD. (POKKA SAPPORO) has agreed to transfer its vending machine business through a company split (absorption-type split) to LIFEDRINK COMPANY INC. The transaction was announced on March 5, 2026.

Founded in 2012, POKKA SAPPORO is primarily engaged in the manufacturing and sale of beverages and food products, including lemon-flavored drinks, canned coffee, and soups, as a wholly owned subsidiary of Sapporo Holdings Ltd.

The vending machine business comprises POKKA SAPPORO’s vending machine business and shares of its three subsidiaries: PS BEVERAGE LTD., STAR BEVERAGE SERVICE CO., LTD., and OKINAWA SUN POKKA CO., LTD. The business operates and manages a nationwide network of vending machines for the sale of soft drinks and food products, with approximately 40,000 active vending machines as of December 2025.

LIFEDRINK COMPANY, established in 1972, is a beverage manufacturer engaged in the production and sale of mineral water, tea-based beverages, and carbonated drinks. The company is characterized by its mass production of a limited product lineup and its strengths in “high quality, low price, and stable supply.” The company also manufactures private brand beverages for major retailers.

POKKA SAPPORO, as part of a business portfolio review under the Sapporo group’s mid-term management plan, has decided to carve out its increasingly challenging vending machine business. The decision was made to pursue further growth for the business under LIFEDRINK COMPANY, which is focused on expanding beverage sales. For LIFEDRINK COMPANY, this transaction aligns with its management policy of strengthening both its production and sales capabilities. By acquiring a direct sales channel, the company expects to strengthen its business foundation further. POKKA SAPPORO and LIFEDRINK COMPANY have commenced discussions on a business alliance to facilitate smooth business succession and future collaboration. Plans include the continued supply of POKKA SAPPORO products and the use of its trademarks on vending machines.

Houlihan Lokey served as the exclusive sellside advisor to POKKA SAPPORO in this transaction, exemplifying the continued success of the Japanese Consumer team, its dedicated coverage of the food and beverage sector, and close relationships with key players in this space.

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