Nihon Kohden Corporation (head office: Shinjuku-ku, Tokyo; Representative Director, President and CEO, Hirokazu Ogino, hereinafter “Nihon Kohden”) and Japan Activation Capital, Inc. (head office: Minato-ku, Tokyo; Representative Director & CEO, Hiroyuki Otsuka, hereinafter “JAC”) announced today that they have entered into a strategic partnership agreement (hereinafter the “Partnership Agreement”) aimed at achieving sustainable growth and enhancing Nihon Kohden’s corporate value. Prior to entering into the Partnership Agreement, JAC today acquired 10,414,800 shares of Nihon Kohden’s common stock representing 6.48% of the total voting rights as of March 31, 2026.

 

1. Background to the Partnership Agreement
As a global medical device manufacturer, Nihon Kohden develops, manufactures, sells, and provides related maintenance services and solutions for patient monitors, electroencephalographs (EEGs), electrocardiographs (ECGs), AEDs, ventilators, and other medical equipment around the world. To realize the Long-term Vision set out in 2020 - Creating a better future for people and healthcare by solving global medical issues - Nihon Kohden continues to identify unmet medical needs through direct engagement with healthcare professionals in clinical practice, and to create valuable solutions that address these challenges by combining the original technologies and clinical expertise cultivated over many years.
FY2026 is the final year of its Three-year Business Plan, BEACON 2030 Phase II. During this phase, which the Company has positioned as a period of “Investment for Growth,” Nihon Kohden has been working on the reform of the profit structure while investing in growth areas. In the next Three-year Business Plan, beginning in FY2027, Nihon Kohden will build on the results and progress achieved to date. In culmination of its efforts toward realizing its Long-term Vision, the Company will fully commit to the next stage of growth - including further growth of its overseas business, monetization of new business models, and establishment of its position as a solutions provider.
JAC is a public equity investment fund that supports the sustainable growth and corporate value creation of its portfolio companies over the medium- to long-term through trust-based partnerships with management teams. JAC comprises professionals with diverse backgrounds who have contributed to the growth and value creation of prominent Japanese companies and provides this expertise to its portfolio companies.
Through a series of discussions, Nihon Kohden and JAC found that they share common values and a common vision for accelerating Nihon Kohden’s reforms, furthering its growth, and sustainably enhancing its corporate value. As a result, JAC decided to acquire Nihon Kohden’s common stock, through funds under its management, and the two companies entered into the Partnership Agreement.
Nihon Kohden will make full use of JAC’s resources, know-how, and network, while JAC, as a shareholder and strategic partner, will provide support toward realizing medium- to long-term growth and fostering expectations for further growth. Through these efforts, the two companies aim to achieve the sustainable enhancement of Nihon Kohden’s corporate value and expand its presence as a global MedTech company.


2. Comments by Hirokazu Ogino, Representative Director, President and CEO of Nihon Kohden
“Under Nihon Kohden’s Management Philosophy: We contribute to the world by fighting disease and improving health with advanced technology, and create a fulfilling life for employees, we are committed to solving challenges in clinical practice. As a global company, Nihon Kohden identifies medical needs and regional characteristics and exports medical equipment required in each country and region to more than 120 countries worldwide, based on the belief that Medicine has no borders.
As the Three-year Business Plan, BEACON 2030 Phase II, started in FY2024, reaches its final year, we have made progress on the growth and profitability reforms we initially set out to implement; however, significant challenges remain in achieving our Long-term Vision targets of a 15% operating profit margin and a 45% overseas sales ratio for the fiscal year ending March 2030. Going forward, we will place an even greater emphasis on growth, profitability, and capital efficiency, and actively pursue structural reforms that go beyond a mere extension of our current initiatives. We will further accelerate the growth of our North American business, which is expected to deliver strong results, while striving to significantly expand our solutions business, where we already have an established presence. In our structural reforms, we will prioritize profitability and conduct a thorough review that examines every area without exception. Through these initiatives, we aim to strengthen Nihon Kohden’s position as a global MedTech company.
In today’s rapidly changing business environment, we are very pleased to welcome JAC - which has extensive expertise and a proven track record in strengthening management structures, organizational capabilities, and supporting global expansion - as a trusted strategic partner to further accelerate these initiatives. We look forward to realizing Nihon Kohden’s next stage of growth together with JAC.”

 

3. Comments by Hiroyuki Otsuka, Representative Director & CEO of JAC
“Amid growing financial pressures on healthcare systems and labor shortages, the pressures facing hospital management and healthcare professionals are greater than ever. Against this backdrop, Nihon Kohden holds a leading position in mission-critical areas such as patient monitors, ventilators, and sensors, and is one of the few companies that goes beyond simply providing devices and consumables to directly address these challenges. In addition to its strong domestic foundation, Nihon Kohden is also a global player with operations in more than 120 countries and robust growth overseas. We are deeply honored that Nihon Kohden has welcomed us as a strategic partner to support the sustainable enhancement of its corporate value.
We are confident that by strengthening the implementation of Nihon Kohden’s structural reforms and growth initiatives, and accelerating management decision-making and execution, we can improve domestic cash generation and drive further growth in its overseas business. In addition, we believe there is significant growth potential, both in Japan and overseas, in Digital Health Solutions (DHS) — which integrate and analyze data obtained from medical devices and sensors built on Nihon Kohden’s long-cultivated technological capabilities, and expand its value proposition into software and services such as remote monitoring, alarm management, clinical decision support, and automated anesthesia. We expect that, by evolving beyond the provision of medical devices into a data-driven business model that continuously contributes to easing medical staff workload, improving patient outcomes, and optimizing hospital management, Nihon Kohden can create new revenue opportunities that leverage Nihon Kohden’s unique strengths. Furthermore, we believe that strengthening the management foundation - including improving the predictability of business performance - and enhancing communication with the capital markets will enhance confidence in management and lead to the sustainable enhancement of corporate value.
As a strategic partner, we will support Nihon Kohden’s transformation and growth through constructive dialogue and multifaceted support, helping Nihon Kohden realize its full potential and actively promoting the enhancement of its corporate value over the medium- to long-term.”
 

4. Company Overview

1) Nihon Kohden Corporation

(1) Company Name Nihon Kohden Corporation
(2) Establishment 1951
(3) Capital JPY 7,544 million (as of March 31, 2026)
(4) Location 1-31-4 Nishiochiai, Shinjuku-ku, Tokyo, Japan
(5) Name and Title of Representative Hirokazu Ogino, Representative Director, President and CEO 
(6) Business Development, manufacture, and sale of medical electronic equipment
(7) Website https://www.nihonkohden.com/

2) Japan Activation Capital, Inc.

(1) Company Name Japan Activation Capital, Inc.
(2) Establishment 2023
(3) Fund AUM Approximately JPY 235 billion (as of August 31, 2026)  * Including commitment for co-investment
(4) Location POLA Aoyama Building 11F, 2-5-17, Minami-Aoyama, Minato-ku, Tokyo, Japan
(5) Name and Title of Representative Hiroyuki Otsuka, Representative Director & CEO
(6) Business JAC’s fund invests in leading companies listed on the Tokyo Stock Exchange and partners with management teams that demonstrate a strong commitment to growth, based on a trust-based relationship. JAC supports the execution of strategic initiatives to accelerate the sustainable growth of its portfolio companies.
(7) Website https://japanactivationcapital.com/en/

These documents have been translated from Japanese originals for reference purposes only. In the event of any discrepancy between these translated documents and the Japanese originals, the originals shall prevail.

 

Media Inquiries

 

Nihon Kohden Corporation
1-31-4 Nishiochiai, Shinjuku-ku, Tokyo 161-8560, Japan
Corporate Strategy Division, IR Group +81-3-5996-8003

 

Japan Activation Capital, Inc. 
POLA Aoyama Building 11F
2-5-17, Minami-Aoyama, Minato-ku, Tokyo 107-0062, Japan
Press Contact: Kekst CNC +81-90-3239-9348 / +81-80-4349-5702