Japanese lift maker Fujitec has held talks with a number of private equity groups about a potential $2.5bn buyout, with Sweden’s EQT said to be among the potential purchasers, according to a report by the Financial Times.
The report cites unnamed sources familiar with the matter as revealing that Fujitec, which was founded in Osaka in 1948 and manufactures lifts, escalators, and moving walkways, is working with UBS in Tokyo to find a buyer.
Other major international private equity groups that spoke to Fujitec in recent months did not move forward for various reasons, including price, according to the FT’s sources.
Fujitec, EQT, and UBS all declined to comment.
The company has been the target of activist investors in the past, notably Hong Kong-based Oasis Management, which successfully replaced three outside directors at the firm with four of its own nominees in 2023 and owns a 20% stake in the business, according to LSEG data. According to filings made last month, fellow activist, US-based Farallon Capital Management, also holds a 6.6% stake in the company.
Fujitec’s share price is up more than 35% this year and has trebled over the past five years, although support for current Chief Executive Officer Masayoshi Harada has sunk from 94% last year to only 60% of shareholders voting in favour of a resolution this year for his re-election to the board.
