BDA advises Thien Long on proposed acquisition by KOKUYO

BDA Partners is pleased to announce that its clients, the shareholders of Thien Long An Thinh (“TLAT”) in Vietnam, have entered into an agreement to sell their stakes in TLAT, which owns 46.82% in Thien Long Group Corp (“Thien Long”), to KOKUYO Co Ltd from Japan. Following this acquisition, Thien Long’s remaining shareholders will be invited to tender their shares through a Public Tender Offer, enabling KOKUYO to acquire a controlling stake of up to 65.01%.

The transaction is valued at approximately US$185m.

BDA acted as the exclusive financial advisor to the key selling shareholders on this proposed transaction.

Founded in 1981, Thien Long has grown from a local Vietnam stationery manufacturer and distributor into the iconic “King of Stationery”, a powerhouse brand known to every Vietnamese consumer. Its winning formula combines market-leading product innovation, efficient production and procurement, and robust sales network across SE Asia. Thien Long’s products reach the whole of Vietnam and are exported to 74 countries worldwide.

After the  transaction, KOKUYO will preserve and elevate the Thien Long brand, unlocking the next wave of growth. This landmark partnership amplifies the Thien Long brand, pairing it with KOKUYO’s global recognition, world-class quality, and international scale. It is expected to significantly boost the brand’s visibility and influence in Vietnam and across the region.

For KOKUYO, the acquisition is a significant step toward its goal of becoming the top stationery player in Asia by 2030. The transaction is expected to provide KOKUYO access to Thien Long’s established writing tool production infrastructure, expand KOKUYO’s business via Thien Long’s sales platform in SE Asia, and accelerate its global stationery expansion.

Huong Trinh, Partner and Head of HCMC, BDA Partners, said: “We’re delighted to advise Thien Long’s shareholders on the proposed transaction and look forward to the future of Thien Long under KOKUYO. This transaction is a testament to BDA’s strong on-the-ground execution capabilities and robust global buyer network, to deliver a successful result for Vietnam business owners.”

Jeff Acton, Partner and Head of Tokyo, BDA Partners, said: “This high-profile transaction demonstrates the attractiveness of the Vietnamese market for Japanese corporations. We’re proud to play a pivotal role in this transaction, and bring optimal outcomes to all stakeholders. We’re committed to support more Japan–Vietnam partnerships in the future through impactful M&A.”

Karen Cheung, Partner and Head of Consumer & Retail, said: “KOKUYO’s proposed acquisition is a landmark transaction in the Vietnamese consumer space. BDA has used our sector expertise to articulate the growth potential of stationery in Vietnam and across SE Asia. We’re keen to see the synergies this partnership will unlock for KOKUYO and Thien Long.”