Global investment firm Carlyle has acquired Kyoden Co., Ltd., a leading Japanese manufacturer of printed circuit boards (PCBs).

Founded in 1983 and headquartered in Nagano Prefecture, Kyoden is a leader in the design and manufacture of PCBs and board assembly for electronic devices. It focuses on small-lot and high-variety products delivered in short turnaround times. The business employs 2,100 employees, with manufacturing plants in Japan and Thailand, and regional sales presence across APAC. Thus, this network enables the business to manage small-lot, multi-product production to larger-scale mass production and meet a wide range of its customers’ needs.

Moreover, the company’s product suite spans a highly diversified set of industrial applications. Among them includes automated guided vehicles, semiconductor manufacturing equipment, amusement machines, wired and wireless equipment, and automotive devices.

Generally, the PCB industry faces increasing demand for higher density and miniaturization in circuit boards, multi-layer and build-up PCBs in particular, integrating more functionality into compact and lightweight devices. Kyoden’s highly differentiated offering also focuses on delivering a wide range of small-lot, prototype PCB products within short lead times. Moreover, it has established a leading share of the domestic prototype PCB market. 

Additionally, Kyoden has deep experience in EMS (Electronics Manufacturing Services). Specifically, it provides end to-end solutions from component design and manufacturing, procurement of materials, and assembly of units and large-scale devices. 

In partnership with Kyoden’s management team, Carlyle will support the company to further accelerate its growth plans. Particularly, it will continue development of its manufacturing capabilities focused on high-multilayer and build-up PCBs and commercial operations. Leveraging its global platform and resources, Carlyle will also support the business’ international expansion. 

Kazuhiro Yamada, Co-Head of Carlyle Japan, said, “Kyoden has a high market share in the PCB industry thanks to its differentiated business model and advanced technological capabilities. 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. We look forward to partnering with Kyoden’s management team in its journey to becoming a leading international PCB manufacturer.” 

Hiroshi Naganuma, President of Kyoden, said: “We are excited to start the new partnership with Carlyle to sharpen our unique business model and accelerate Kyoden’s further growth in high multilayer and build-up PCBs, the global PCB market, and EMS business. We believe Carlyle, with its deep knowledge and track record of growing Japanese companies like Kyoden, is the perfect partner to support the business’ accelerated growth trajectory.” 

Carlyle’s Japan buyout platform has invested more than 450 billion yen across approximately 40 private equity investments since 2000. 

-07 November 2024-