Houlihan Lokey Advises Toyota Industries Corp.

Houlihan Lokey is pleased to announce that Toyota Industries Corp. (TICO) has agreed to sell a portion of its shares in its listed subsidiary, Aichi Corp. (Aichi), through a share buyback tender offer by Aichi and a direct sale to ITOCHU Corp. (ITOCHU). The transaction is expected to close in May 2025, subject to customary conditions and regulatory approvals.

TICO, a Toyota Group company, is a Japan-based global forklift manufacturer and material handling solutions provider, as well as a manufacturer of vehicles, automotive parts, and textile machinery.

ITOCHU is a Japan-based global sogo shosha (trading house) with a broad business network worldwide and a focus on expanding its business value chain downstream.

Aichi, a listed subsidiary of TICO, manufactures truck-mounted and self-propelled aerial work platforms mainly in Japan.

TICO will reduce its stake in Aichi from approximately 54% to the 20% range through a share buyback tender offer by Aichi and a direct sale to ITOCHU.

The three companies have agreed to a three-way business alliance and plan to enhance their corporate value through future cooperation. In particular, Aichi will work with ITOCHU to expand the value chain in its domestic business and strengthen its overseas development.

Houlihan Lokey served as the exclusive financial advisor to TICO. This transaction underscores the firm’s deep industrial expertise and proven execution capability within the Japanese public market, marking our first successful engagement with TICO.

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