EQT to launch tender offer to privatize Benesse Holdings
EQT's fund BPEA EQT has agreed to partner with the founding family of Benesse Holdings to commence a tender offer to privatize the company. Benesse is Japan's leading provider of education and nursing care services.
EQT announced on November 10, 2023, that its fund BPEA Private Equity Fund VIII has agreed to partner with the founding family of Benesse Holdings, Inc. to initiate a tender offer to privatize the Japanese education and nursing care provider.
Benesse, headquartered in Okayama, Japan, is the nation's largest provider of educational services for all ages and operates over 350 nursing care facilities. The company reported net sales of JPY 411.8 billion (approximately USD 2.7 billion) for the fiscal year ending March 2023 and employs over 16,000 people.
The move aims to accelerate Benesse's growth by leveraging EQT's global experience in developing education and elderly care platforms. Growth in Japan's education sector is driven by demand for adult training and reskilling, alongside increased adoption of e-learning. The country's aging population also fuels growth in the nursing care sector.
Benesse's board of directors has approved the tender offer and recommended that shareholders tender their shares. The commencement and consummation of the offer remain subject to certain conditions.