Japanese investment in the US energy sector – BDA Partners, DBJ, Norton Rose Fulbright

BDA Partners hosted a panel discussion and networking reception for senior energy sector executives, in New York on 10^th September, alongside Development Bank of Japan, and Norton Rose Fulbright.

We connected leading Japanese corporates across the value chain, from oil and gas energy, energy services, and renewables, with counterparts in the US. We’re focused on the surge of outbound investment interest from Japan.

We convened the most ambitious investors and US industry players. The agenda focused on the impact of the ‘One Big Beautiful Bill Act’ (OBBBA) on energy investment in the US.

The conference featured a welcome address by Shingo Kobayashi, Managing Executive Officer of DBJ, and a keynote speech by Todd Alexander, Partner at NRF, on the implications of OBBBA for the US energy sector. We followed with panel discussions, moderated by Euan Rellie of BDA and Paul Sankey of Sankey Research, addressing renewable energy and oil & gas investment trends.

Senior representatives attended from: Aggreko, AIP, Captona, CFS Energy, Chevron, Chugoku Electric, Eneos Power, Excelsior Energy Capital, Fuyo General Lease, Generate Capital, Gevo, Harbert, Hess Corp, HOG Resources, Idemitsu Kosan, Invenergy, JAPEX, Jetro, Kansai Electric, KDB, Kingston Capital, Kyuden International, Marubeni, MicroEra Power, Mitsubishi, MOL Americas, NRG Transition, Nano Nuclear, Nishimatsu, Northern Star Generation, Osaka Gas, Primergy Solar, RWE Clean Energy, Sankey Research, Shizuoka Gas, Sionic Energy, Silverpeak, TEPCO, and Tokyo Electric.

Key takeaways include:

The future of energy will not be defined by renewables or oil & gas alone, but by a pragmatic mix of both, highlighting the need for flexible investment strategies to balance sustainability with energy security and economic viability
Japanese appetite for US energy is driven by confidence in US demand and market resilience, rather than short-term policy catalysts like OBBBA, signalling a long-term commitment to the sector
Japan’s energy companies are looking abroad, reflecting demographics, limited domestic growth, and the need to secure stable, diversified energy supplies
Japanese investors are highly sought-after partners, valued for their patience, flexibility, and reliability. They are increasingly aligning with US deal timelines and valuations, while offering long term capital and a collaborative strategic approach

Euan Rellie, Managing Partner, BDA Partners, said: “This event was a big success. BDA, DBJ and Norton Rose have resolved to make it an annual conference, going forward. We’re already working on multiple potential transactions as a result of these conversations in New York. I’m grateful to everyone who participated, and excited for what’s to come”.

About BDA

BDA Partners is the global investment banking advisor. We are a premium provider of Asia-related advice to sophisticated clients globally, with 30 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 Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services, Sustainability and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes. BDA Partners has strategic partnerships with William Blair, a premier global investment banking business, and with DBJ (Development Bank of Japan), a Japanese government-owned bank with US$150bn of assets.

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 authorized 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

Asian food has exploded from niche to mainstream, transforming North America’s dining and grocery landscape.

Once confined to small “ethnic aisles” or family-run eateries, the category is now a US$37bn market growing at over 5% annually, outpacing the broader food sector. Immigration, cultural influence, and Gen Z’s appetite for global flavors are fueling the shift—turning dumplings, ramen, and kimchi into everyday staples.

North America’s retail shelves and restaurants are proof of this momentum. H Mart has become a US$2bn powerhouse, Jollibee has crossed 100 locations, and mochi ice cream has gone from novelty to freezer-aisle must-have. Asian corporates like CJ, Ajinomoto, and Pulmuone are planting factories on US soil, while private equity has piled in—reshaping family-run businesses into billion-dollar platforms through modernization, consolidation, and brand building.

What was once “ethnic” is now essential. Underrepresented cuisines—Filipino, Vietnamese, Indian—are set to drive the next wave, with health, wellness, and fusion formats pushing boundaries. For strategics and sponsors alike, Asian food has moved from novelty to necessity, cementing itself as the next strategic growth engine.

BDA is actively tracking the best investment and acquisition targets in this fast-growing sector. Our cross-border expertise and track record in food and beverage M&A position us to help clients capture this transformation.

Download full report here.

SE Asia’s international K-12 sector is booming – expanding nearly twice as fast as the rest of Asia – and quickly becoming a global magnet for investors.

In our latest insight piece, we explore why global education groups and private equity investors are doubling down on the region’s resilient and high-growth K-12 space, where opportunity remains vast and attractive.

Key highlights:

Surging growth: SE Asia’s international K-12 campus growth has been outpacing the rest of Asia by ~2x from 2020-2025, fueled by both expat and rising local demand
Massive market: Over 110 million students aged 5 to 19 across 5 dynamic economies – with significant TAM expansion driven by policy liberalization and demographic shifts
Attractive economics: Mature K-12 platforms deliver 20–30% EBITDA margins, with high visibility from prepaid fees and long student lifecycles
Fragmented field: Scaled operators control just ~5% of the region’s 2,000+ international campuses – creating ample headroom for roll-ups and platform building
Favorable tailwinds: SE Asia offers investor-friendly regulations, stable pricing, and a policy environment that supports long-term private sector participation

Download the full report to explore market deep-dives, valuation trends, and the leading consolidators shaping the region’s educational future.

About BDA Partners

Euan Rellie, Managing Partner and Chairman of Consumer & Retail, BDA Partners, was recently quoted by Octus on the current state of M&A activity in the luxury fashion market.

“Buyers are paying for a profit stream that is subdued at the moment,” said Euan Rellie. “Because of the down market, there is opportunistic M&A at lower price points, which you could ironically call bargain shopping.”

When reflecting on today’s buyer-friendly M&A environment, some sources evoked memories of the 2008 great financial crisis, surmising that deals struck in that period realized some of the healthiest returns of the last decade.

“Private equity activity during the GFC was rewarded with some of the best-performing exits five years later,” purports Rellie. “It’s a buyer’s market and sellers will need to be realistic in price. But we think this is a great time to buy – and the trade war won’t last forever.”

Rellie noted that billion-dollar M&A deals in the luxury sector have been abnormally subdued over the past several years. In a pre-pandemic landscape, there were typically two to three such deals every year originating in either Europe or the United States.

However, the recent tariff hikes cast a bright light on underperforming brands that drag on portfolios, which could put pressure on strategics to begin divestitures, Rellie said.

Likely targets:

Ami Paris – Sequoia Capital China acquired the French designer brand in 2021, and recent reports note the company is looking for a buyer. It was first founded by designer Alexandre Mattiussi in 2011.
Brunello Cucinelli – Italy-based Brunello Cucinelli SpA pursued an IPO in late 2023 on the Euronext Milan stock exchange under the ticker BC.MI. Its consistent performance and vertical integration has garnered attention as a valuable acquisition target, despite Cucinelli voicing a preference for independence. As of June 4, the company was trading at €106.20.
Burberry – Spurred by performance challenges, the company was rumored last year to be targeted by luxury brand Moncler for an acquisition, though the rumors were ultimately debunked. Burberry Group plc trades on the London Stock Exchange under the ticker BRBY.L and as of June 4 was trading at £10.93 per share.
Dolce & Gabbana – Co-founders Domenico Dolce and Stefano Gabbana are 67 and 62 years old, respectively, and have no successors in the ownership lineup. Last year, the pair told the media the company would prefer a minority investor rather than an IPO.
Giorgio Armani – Infamous founder and designer Giorgio Armani, who turns 91 in July, told the media in 2024 that he plans to retire in the next “two or three years.”
Guess? Inc. – In March, publicly listed Guess? Inc., which trades on the NYSE under the ticker GES, announced it received a nonbinding acquisition offer from WHP Global for $13 per share. However, no deal was announced. As of June 4, GES was trading at $11.07 per share, down from $23.06 on June 4, 2024.
Jimmy Choo – Carpi Holdings acquired the luxury shoe designer in 2017 from Labelux, a division of JAB Holdings. In March, Capri sold Versace to Prada, and Jimmy Choo is widely reported to be next on the chopping block.
Only The Brave – Diesel founder Renzo Rosso, owner of the Italian holding company OTB Group, told media in 2024 that IPO plans have been postponed until 2026. In addition to Diesel, OTB owns fashion brands Maison Margiela, Marni, Jil Sander and Viktor & Rolf.
The Row – Founded by celebrity sisters Ashley and Mary-Kate Olsen in 2006, the company reportedly received investments last year from family offices affiliated with Chanel and L’Oréal, valuing The Row at about $1 billion.
Valentino – Founded in 1960 by Valentino Garavani, luxury strategic Kering (in partnership with Qatari investment fund Mayhoola) acquired a 30% stake in the company in 2023 for a cash consideration of €1.7 billion. In the announcement, Kering notes it has the option to acquire 100% of Valentino no later than 2028.

Jeff Acton, Partner and Head of BDA’s Tokyo office, was recently interviewed by Worldfolio on how BDA Partners has established itself as the leading cross-border M&A advisor to private equity clients in Japan.

In the interview, Jeff discusses the firm’s long-standing presence in Japan, its track record advising on complex international transactions, and the role BDA plays in bridging Japanese sellers with global buyers. He also highlights the growing activity and opportunities within Japan’s private equity market, as well as the cultural and strategic nuances that define successful cross-border deals.

“We have been in Japan for a long time. We understand the domestic environment, the expectations and the needs of local clients. At the same time, we’re a global firm – so we can translate those needs into an international context and connect Japanese sellers with the right global buyers,” Jeff explains.

With 30 years of experience globally, BDA continues to deliver trusted, independent advice to clients navigating Japan-related cross-border M&A.

Read the full interview on Worldfolio here.

President Trump’s tariffs have injected new risk and complexity into the global M&A landscape. This has led to increased caution from investors, and a need for more sophisticated deal-making strategies.

As often during periods of market dislocation, the strongest, most agile and most alert market participants will benefit – while others may face considerable pain.

The situation is evolving rapidly and unpredictably. It seems rash to make definitive predictions today; that in itself will serve as a brake on M&A activity. And yet, some market participants will be driven to act, and acquire.

Here’s a breakdown of impacts to date, and preliminary advice for market participants on how to adapt and thrive.

Download the full report here.

Bloomberg has featured commentary from BDA Partners in its latest article on Japan’s rising outbound M&A activity, spotlighting Nomura’s $1.8 billion acquisition of Macquarie assets as part of a broader trend.

Jeff Acton, Partner at BDA Partners Tokyo, noted:

“We are seeing an increasing level of interest in assets that could help move part of their supply chain to the US”

highlighting how geopolitical uncertainty and trade tensions are reshaping Japanese corporate strategy abroad.

According to Bloomberg, Japanese firms have announced nearly $28 billion in outbound deals so far in 2025—up nearly 70% from the same period last year. Despite global volatility, long-term investment strategies continue to drive Japanese companies to pursue strategic overseas growth.

Read the full article on Bloomberg

About BDA Partners

BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with 30 years of 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 Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services, Sustainability and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes.

BDA Partners has strategic partnerships with William Blair, a premier global investment banking business, and with DBJ (Development Bank of Japan), a Japanese Government-owned bank with US$150bn of assets.

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 authorized 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

In 2023, the global women’s health market was valued at US$250-300 billion and is forecasted to reach US$500 billion by 2030, demonstrating a compound annual growth rate (CAGR) of approximately 10%. The market encompasses not only reproductive health but also cardiovascular diseases, osteoporosis, endocrine disorders, and mental health. Fueled by unmet medical needs and rapid innovation, the sector is primed for substantial expansion. This report provides a comprehensive analysis of the market’s current landscape, including its definition, key therapeutic areas, investment rationale, and notable transactions.

Key Observations from Recent Transactions:

Enhanced Awareness Boosting Market Growth: Increasing awareness of women’s health issues is amplifying the market’s potential. This growing consciousness spans a comprehensive array of health conditions impacting women, not just limited to reproductive health, but significantly broadening the market’s scope
Strategic Expansion and Investment by Major Corporations and Venture Capitals: Major corporations are solidifying their foothold in the women’s health arena through strategic mergers, acquisitions, and partnerships, particularly focusing on cutting-edge technologies. Simultaneously, venture capital firms are actively supporting startups with convertible bonds and growth equity. Additionally, the investment focus has expanded from traditional sectors like reproductive health, contraception, and fertility treatments to include broader areas. This shift signifies a deeper appreciation of the varied healthcare needs of women throughout their life cycle
Innovation-Driven Growth: The market is characterized by continual innovation, with the introduction of new FDA-approved medical devices for treating conditions like uterine fibroids, and cervical and breast cancers. Developments in FemTech, telemedicine, wearable technology, and AI-driven diagnostics are transforming the sector, creating new avenues for growth

The women’s health sector is experiencing a profound transformation, characterized by market expansion and significant economic potential. Strategic partnerships and technological innovations remain the primary catalysts for growth. Despite facing historical underfunding and other challenges, the industry is set to make substantial progress by capitalizing on global opportunities to enhance comprehensive healthcare for women worldwide.

Download full report here

About BDA Partners

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 authorized 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

We assessed both the medical devices (Medtech) and pharmaceutical (Pharma) distribution markets as part of the overall healthcare distribution market, which is collectively expected to grow at a combined CAGR of 7% from US$18bn in 2023 to US$26bn in 2029.

While historically underinvested, the healthcare industry in Southeast Asia (SEA) is becoming a key focal point for public and private investment, driven by growing demand from an increasingly aging population. Healthcare distributors in SEA have been entering the spotlight in recent years, driven by:

Distributors moving up the value chain, offering a breadth of services to global manufacturers including handling regulatory & compliance affairs, commercialization / demand generation, managing public tenders, logistics, technical support / training, financial management, and after-sales services
Competitive moats built via (i) understanding of local markets, regulatory environment, and customers, (ii) commercialization and logistical capabilities which translate to economies of scale, and (iii) entrenched supplier and customer relationships supported by their installed base of equipment
The fragmented nature of SEA, which results in many manufacturers lacking scale to build a local commercial presence in each market, vis-à-vis large homogenous markets such as China and India

Investors are turning their attention to healthcare distribution in SEA, leveraging M&A as a means to diversify geographical or end market exposures, as well as to consolidate the highly fragmented regional market. Many financial sponsors have recognized the huge market potential, building regional healthcare distribution platforms via buy-and-build strategies to achieve scale in SEA.

The distribution sector is resilient, trading at long-term median levels. The sector in SEA is significantly insulated from the impact of trade wars, due to steady demand for health products, and diversified manufacturing source locations.

Download full report here

About BDA Partners

BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with 30 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 Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul, and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services, Sustainability and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes.

The global wind industry is entering a new era of growth. The need to triple annual installation by 2030 net-zero goals and minimize divergence from a global 1.5 C temperature increase, remains. In this piece, we represent BDA’s insight into the following:

Onshore wind’s relative cost – or levelized cost of energy (LCOE) – dropped by 70% from 2010 to 2023. Onshore wind is now the most competitive global energy solution ahead of solar, hydro, and fossil fuel base-load solutions
Whilst onshore and offshore wind have structural similarities, these differ materially in delivery – given complexities such as size, logistics, supply chain, installation and energy grid connectivity
The wind industry continues on its long-term historical double digit annual growth journey, with onshore wind expected to grow 10% per annum and offshore wind at 22% (2024-2030)
A large portion of the broader wind supply chain sits in China, with Western OEMs manufacturing in the country only to fulfil export / non-Chinese wind turbine demand. Geopolitical tensions are now resulting in increased geographical diversification – with India deemed a winner
Rare Earth Permanent Magnets, made of those scarce elements often used in the e-Mobility industry, may soon blow by as a thing of the past in wind turbines – with new technologies potentially reducing the industry need to 1/10th, given the complete obsolescence of gearboxes in direct drive turbines
We also exclusively interview the Global Wind Energy Council, a leading representative body for the wind industry with over 1,500 member companies, for their independent expert views

Please feel free to contact any of the BDA contacts below.

Download the full report here.

About BDA Partners

BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with 30 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 Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services, Sustainability and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes.

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 authorized 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