Houlihan Lokey Advises Tohokushinsha Film Corp.

Houlihan Lokey is pleased to announce that Tohokushinsha Film Corporation (TFC) successfully sold the supermarket business of its subsidiary National Bussan Ltd. (National) to Nakashimato Co., Ltd. (Nakato). The deal closed on September 29, 2023.

Headquartered in Tokyo, Japan, National operates a recognized premium supermarket retailer known as National Azabu, which has outlets in central Tokyo near many embassies, making it a popular destination for foreigners looking for products from their home countries. TFC, a media company that produces TV programs, movies, and commercial films and provides satellite broadcasting and licensing rights to domestic and foreign media companies, decided to sell the business to focus on its core media business, as there were limited synergies between the two businesses.

The buyer, Nakato, is an importer and wholesaler of global food products and liquor that also designs and develops artisanal gourmet food in Japan. It has a long-standing business relationship with National and is owned by the founding family of Kewpie Corporation, the largest mayonnaise and condiments producer in Japan.

HL Succession served as the exclusive financial advisor to TFC, providing a full scope of M&A advisory services on the client’s behalf, from initiation and due diligence to structuring and negotiations.

The auction deal allowed us to maintain a competitive environment, thereby successfully obtaining favorable terms for the employees, an essential condition for the client, while achieving a high offer from the buyer.

This is the third transaction for HL Succession involving TFC after being solely nominated to advise on its sale of The Cinema to AXN following its acquisition of ENJIN from Endeavour United where we advised the seller.