Secondary Buyout • Manufacturing

MBK Partners and FormFactor Acquire FICT

On February 7, 2025, private equity firm MBK Partners and FormFactor acquired manufacturer FICT from Advantage Partners

Acquisition Context
  • This is MBK Partners’ 2nd and FormFactor’s 1st transaction in the Manufacturing sector.
  • This is MBK Partners’ 14th and FormFactor’s 1st transaction in Japan.

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M&A Deal Summary

Date February 7, 2025
Target FICT
Sector Manufacturing
Buyer(s) MBK Partners
FormFactor
Sellers(s) Advantage Partners
Deal Type Secondary Buyout

Target Company

FICT

Nagano, Japan
FICT engages in development, design, manufacturing, sales, maintenance of electronic and optical interconnect products for electronic devices and also provides Consulting services on electronic and optical interconnect products for electronic devices. FICT is based in Nagano, Japan.
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Buyers Overview 2

Buyer

MBK Partners

Hong Kong, China

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
PE ASSETS 30.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

MBK Partners is a private equity firm focused on opportunities throughout Northern Asia (Korea, Japan, China, and Taiwan). MBK specializes in a variety of transactions, including management buy-outs, corporate divestitures, take privates, and add-on acquisitions and will consider both majority and minority positions. Sectors of interest include telecommunication/media, financial services, heavy industrials, consumer, pharmaceuticals, and business services. MBK Partners was formed in 2005 and is based in Hong Kong. The Firm has additional offices in Seoul, Tokyo, and Shanghai.


Deal Context for Buyer #
Overall 49 of 49
Sector: Manufacturing 2 of 2
Type: Secondary Buyout 8 of 8
Country: Japan 14 of 14
Year: 2025 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-03 Alinamin Pharmaceutical

Tokyo, Japan

Alinamin Pharmaceutical is an OTC and consumer healthcare company. Alinamin Pharmaceutical was founded in 2016 and is based in Tokyo, Japan.

Buy ¥350.0B
Buyer

FormFactor

Livermore, California, United States

Category Company
Founded 1993
Sector Semiconductors
Employees961
Revenue 231M USD (2013)
DESCRIPTION

FormFactor, Inc. designs, develops, manufactures, sells, and supports semiconductor wafer probe card products and solutions worldwide.


Deal Context for Buyer #
Overall 4 of 5
Sector: Manufacturing 1 of 1
Type: Secondary Buyout 1 of 1
Country: Japan 1 of 1
Year: 2025 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-18 FormFactor - FRT Metrology Business

Bergisch Gladbach, Germany

FormFactor's FRT Metrology Business provides high-precision metrology solutions for the Advanced Packaging and Silicon Carbide markets.

Sell $100M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-12-15 Keystone Photonics

Karlsruhe, Germany

Keystone Photonics is a technology company that designs and fabricates advanced photonic components, including additive-manufactured lensed fibre probes and custom optics for wafer-level testing and optical coupling. Keystone Photonics is based in Karlsruhe, Germany.

Buy -

Seller Profile 1

SELLER

Advantage Partners

Singapore, Singapore

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 4.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Advantage Partners LLP is a Japanese private equity firm focused on investing public and private companies. Advantage targets businesses operating in the fields of distribution/retail, consumer products, manufacturing, telecommunications, IT/software and financial services. The Firm will consider a variety of transactions including corporate divestitures, acquisitions, buyouts, public to private, recapitalizations, and growth capital financings. Advantage Partners was formed in 1992 and is based in Tokyo.


Deal Context for Seller #
Overall 35 of 36
Sector: Manufacturing 5 of 5
Type: Secondary Buyout 6 of 7
Country: Japan 32 of 33
Year: 2025 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-01 TACHI-S

Ome, Japan

TACHI-S is a manufacturer and sale of automotive seats. It offers seats for car categories, such as luxury brand cars, sports cars, Kei cars, and commercial vehicles. TACHI-S was founded in 1954 and is based in Ome, Japan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-13 Toho Zinc

Tokyo, Japan

Toho Zinc operates in the smelting and refining, mineral resources, electronic components, advanced materials, and environment and recycling businesses. Toho Zinc was founded in 1937 and is based in Tokyo, Japan.

Buy -

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