Asia-focused buyout firm MBK Partners has agreed to sell Japanese elderly care provider Japan Well-being to US private equity firm Advent International in a deal reported to be worth approximately 200 billion yen (€1.2 billion) including debt.

According to a report by Channel News Asia, the financial terms of the transaction were not officially disclosed, though a person with knowledge of the deal confirmed the total value. Japan Well-being owns Tsukui and Soyokaze, which together form one of Japan's largest home-care networks, providing elderly care services across a significant number of locations throughout Japan.

MBK Partners acquired Tsukui in 2021 before establishing Japan Well-being as a holding company for both Tsukui and Soyokaze, consolidating the two businesses into a unified platform ahead of the sale. Advent International brings a global track record of investments in pharmaceuticals, healthcare technology, and nursing care services to the acquisition, positioning it to drive the next phase of Japan Well-being's development.

The transaction reflects sustained institutional interest in Japan's elder care sector, driven by the country's rapidly ageing population and the structural demand this creates for home-based and community care services. MBK Partners noted that Japan's demographic profile makes elder care a high-growth market, a characteristic that has attracted increasing attention from international private equity in recent years as operators with genuine scale and established networks command premium valuations.

For private healthcare operators and investors, the deal illustrates how elderly care platforms operating at scale are increasingly being positioned as long-term, high-conviction assets by institutional capital seeking resilient healthcare exposure. As demographic pressures intensify across developed economies, the appetite for established home-care networks with proven operational infrastructure shows little sign of abating, with Asia-Pacific markets in particular drawing significant cross-border investment interest.

The sale represents a full exit for MBK Partners from its Japan Well-being platform, concluding an investment cycle that began with the Tsukui acquisition in 2021 and culminated in the creation of one of Japan's most significant home-care groups.

Find out more about the MBK Partners and Advent International transaction in the full story.