Private equity major Carlyle has acquired printed circuit board (PCB) manufacturer Kyoden Co to accelerate the Japanese company’s global expansion, according to an announcement.
Financial details of the acquisition were not disclosed. Carlyle said the acquisition will support Kyoden’s growth plans through the continued development of its manufacturing capabilities focused on high-multilayer and build-up PCBs.
Kyoden, established in 1983 and headquartered in Nagano, specializes in PCB design and manufacturing and board assembly for electronic devices, particularly small-lot, high-variety products with swift turnaround times.
Its product range includes PCBs for industrial applications such as automated guided vehicles, semiconductor manufacturing, telecommunications, and automotive devices.
The company has 2,100 employees at its manufacturing plants in Japan and Thailand and a sales presence across the Asia Pacific region.
“Carlyle, with its deep knowledge and track record of growing Japanese companies, is the perfect partner to support the business’ accelerated growth trajectory,” said Kyoden president Hiroshi Naganuma.
Carlyle said its Japan buyout platform has invested more than 450 billion Japanese yen (about $3 billion) across approximately 40 private equity investments since 2000. Its portfolio company Rigaku, a medical device maker, raised $863 million in a Tokyo IPO last month.
Carlyle Japan co-head Kazuhiro Yamada said customer needs are becoming more diverse every day and there is a growing need to incorporate more functions into more compact and lightweight devices.
“In acquiring Kyoden, we will support the business in responding to those evolving customer demands, continue its focus on technology and innovation, and accelerate its international expansion,” Yamada added.
Carlyle has $435 billion of assets under management as of June 30, 2024. In February, it announced securing the first close of its fifth Japan buyout fund in the fourth quarter of 2023.
Q4 2023 was the third-largest fundraising quarter in the history of the firm where Carlyle gathered $16.9 billion, driven by commitments in its Japan fund, strategic solutions products in credit, eighth AlpInvest secondaries fund, and the closing of its latest US collateralised loan obligations.
The group was reportedly targeting to raise as much as 400 billion yen ($2.8 billion) for the Japan-focused fund after the closing of its 258-billion yen ($2.3 billion) precursor fund Carlyle Japan Partners IV in 2020.