BDA Partners is pleased to announce that its client, Beijing Jingcheng Machinery Electric Holding Co (“Jingcheng”) has sold its 100% stake in Nagano Industry Co Ltd (“NKK”) to JAFCO Co Ltd (“JAFCO”). The transaction was closed on 28 December 2018. The value of the transaction was not disclosed.

Jingcheng is a state-owned enterprise (“SOE”) based in Beijing, China, which designs, manufactures and sells mechanical and electrical integration equipment. NKK is a manufacturer and provider of crawler-type aerial work platforms with refractive-booms and excavators, based in Japan. JAFCO is a leading Japanese listed investment firm based in Tokyo with a significant track record of private equity and venture capital investments.

Jeffrey Wang, Managing Director, BDA Partners Shanghai, said: “BDA advised on the sale of NKK to Jingcheng Group in 2011. We are delighted to see that NKK has successfully achieved significant growth since then and are proud to advise Jingcheng on the exit. BDA executed the transaction in a tight timeframe and under strict SOE requirements. We believe NKK will continue its growth by leveraging JAFCO’s network and track record in Japan. The transaction again demonstrates BDA’s cross-border transaction capabilities in working seamlessly across countries.”

Jeff Acton, Managing Director, BDA Partners Tokyo, added: “This was BDA’s 11th deal in Japan in 2018, six of which had private equity involvement. This reflects strong M&A and growing private equity markets in Japan, as well as BDA’s unique capability to advise on complex, cross-border transactions for sophisticated clients.”

Deal Team
Jeffrey Wang, Managing Director, Shanghai
Jeff Acton, Managing Director, Tokyo
Toshiaki Yokohara, Director, Tokyo
Kevin Song, Vice President, Shanghai
Shinya Kimura, Vice President, Tokyo
Yuki Saito, Analyst, Tokyo
Irene Feng, Analyst, Shanghai

About Jingcheng
Founded in 1949, Jingcheng is a large state-owned company which designs, manufactures and sells mechanical and electrical integration equipment. The company is involved in a broad range of industrial sectors including numerical control machine tool, printing machine, gas cylinder, and power generation equipment. Based in Beijing, Jincheng distributes its products domestically and internationally. jcmeh.com 

About NKK
Founded in 1968, NKK is a manufacturer and provider of crawler-type aerial work platforms with refractive-boom and excavators based in Japan. Jingcheng joined as the holding shareholder during NKK’s bankruptcy proceeding in 2011. nagano-i.jp

About JAFCO
Founded in 1973, JAFCO is a Japanese listed investment firm. The firm manages over JPY 350bn of capital with 27 funds. Activities include private equity and venture capital investments. JAFCO currently employs over 80 investment professionals across Japan, Singapore, Taiwan, China and the US. jafco.co.jp 

About BDA
BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with over 20 years’ experience advising on cross-border M&A, capital raising, and financial restructuring. We provide global reach with our teams in New York and London, and true regional depth through our seven Asian offices in Tokyo, Seoul, Shanghai, Hong Kong, Ho Chi Minh City, Singapore and Mumbai. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes.

BDA was named Investment Bank of the Year 2017 by both The M&A Advisor and ACG New York. BDA formed partnerships with William Blair & Company in 2011 and Development Bank of Japan in 2017.

US securities transactions are performed by BDA Partners’ affiliate, BDA Advisors Inc, a broker-dealer registered with the Securities and Exchange Commission (SEC). BDA Advisors Inc is a member of the Financial Industry Regulatory Authority (FINRA) and SIPC. In the UK, BDA Partners is authorised and regulated by the Financial Conduct Authority (FCA). In Hong Kong, BDA Partners (HK) Ltd is licensed and regulated by the Securities & Futures Commission (SFC) to conduct Type 1 and Type 4 regulated activities to professional investors. www.bdapartners.com