Bridge to the Future
A permanent home for exceptional Japanese businesses. We acquire and steward high-quality SMEs through succession and beyond.
Corporate Overview — August 2025
Investment Thesis
The companies PINECONE acquires share a common profile. They are quietly exceptional businesses.
01
They deliver products and services that are fundamentally necessary — even if they operate outside the spotlight.
02
They possess long, demonstrated track records of profitability underpinned by capital-efficient, asset-light business models.
03
They have established commanding market share and deep customer entrenchment within well-defined niche segments.
In short: quietly exceptional, quietly dominant.
Our Approach
In recent years, a cohort of Swedish companies has successfully adapted the Berkshire Hathaway philosophy to the Nordic SME market — generating exceptional returns for investors while providing permanent homes for hundreds of businesses.
These platforms have demonstrated that decentralized, long-hold acquisition strategies create superior outcomes for all stakeholders: founders, employees, customers, and investors alike.
Sweden’s culture of collective stewardship and stakeholder respect is far more aligned with Japanese business values than the Anglo-Saxon private equity model — making this framework a natural fit for the Japanese market.
PINECONE is bringing this proven framework to Japan to address the critical SME succession challenge — offering business owners a genuine alternative to traditional M&A and PE exits.
Company Overview
Our Proposition to Business Owners
We believe the best outcomes for founders, employees, and communities come when businesses are stewarded with permanence, autonomy, and ambition.
Portfolio Companies
民俗工芸
Japan’s second-largest wholesaler of Shinto and shrine goods — omikuji, charms, portable shrines, costumes, and festival supplies across approximately 18,000 SKUs. A trusted partner to shrines and temples nationwide for decades.
広洋産業株式会社 — KOYO
End-to-end provider of stairlifts and wheelchair lifts for public and private facilities nationwide — from planning and design through installation, maintenance, and inspection. Delivering world-class quality and safety in the welfare equipment sector.
大進総業株式会社
Tokyo-area provider of water supply equipment cleaning, maintenance, renewal construction, and industrial waste services — delivered as a fully integrated offering. Extensive track record across condominiums, commercial facilities, schools, and hospitals.
ウーリー
Specialty manufacturer of food, supplements, and health products exclusively for rabbits. Uses human-grade raw materials and superfoods to develop comprehensive nutritional products — committed to supporting rabbit health and longevity.
A defining characteristic of the serial acquirer model: the holding period is semi-permanent, with no presumption of resale. We serve as a “permanent home” for companies in need of succession — a bridge to the future.
Fundamentally distinct from private equity, which aims to exit assets within 3–5 year fund cycles. We acquire to hold — indefinitely.
Our focus is on deploying internally generated capital with a long-term horizon into high-return businesses across the group, compounding value over decades.
No major changes post-acquisition — the business continues operating as usual. All management decisions are made on the ground, at the operating company level.
We respect management teams and prioritize building trust that strengthens day-to-day operations. The people closest to the business make the decisions.
We do not impose forced synergies or integration on portfolio companies. Each business retains its identity, processes, and relationships.
While we preserve autonomy, we actively support portfolio companies in unlocking growth and operational excellence through targeted governance initiatives.
Strategic & operational analysis: Conduct deep-dive operational reviews, co-develop growth strategies, and support business plan execution alongside management teams.
Human governance: Strengthen organizational design, implement performance-based compensation structures, and recruit top-tier talent for long-term impact.
Digital transformation: Eliminate back-office complexity and support modernization through CRM, ERP, and related systems implementation tailored to each company.
Network leverage: Facilitate open innovation and globalization opportunities by connecting portfolio companies to PINECONE’s broader network and expertise.
Post-Acquisition Value Creation
Across three critical dimensions — management, customer relations, and financial institution relationships — we address the challenges that SMEs face during and after succession.
Pre-acquisition challenge
Difficulty formulating business plans and growth strategies (often handled solely by the owner). Limited management visibility, decision-making bottlenecks, and challenges in developing next-generation leaders.
PINECONE value-add
Competitive analysis and establishment of structured decision-making processes. Financial and management KPI frameworks. CEO and department head mentoring. Swift, timely financial governance.
Case: Minzoku Kogei
Monthly shelf inventory visibility improvements — led to gross profit improvement the following month. On-site-led management KPI setting and operations now running autonomously.
Pre-acquisition challenge
Supplier and price negotiations overly dependent on specific individuals (often the owner). Difficulty building and maintaining new customer relationships at scale.
PINECONE value-add
Visualization of profit contribution factors (revenue, costs) and assessment of negotiation leverage using benchmarks. Building and organizing systematic customer management processes.
Case: Koyo Sangyo
Profit visibility by customer and project — driving margin improvement not just internally, but through informed outsourcing partner selection and data-driven customer negotiations.
Pre-acquisition challenge
Securing continued financing from existing banking relationships post-succession. Difficulty obtaining new financing for growth initiatives.
PINECONE value-add
Organizing financing terms across multiple financial institutions for aligned, continued lending. Supporting new project financing for capital investments and real estate.
Case: Daishin Sogyo
Land purchase negotiation support — PINECONE provided direct negotiation assistance, leveraging institutional credibility to secure favorable terms.
Five-Year Plan
A phased capital deployment strategy designed to build a portfolio of 25–30 high-quality Japanese SMEs and position PINECONE for a TSE listing by 2029.
Phase 1 — 2024–2025
Deploy committed capital to acquire 8–10 initial platform companies. Establish operational governance framework and value enhancement playbook across the inaugural portfolio.
Phase 2 — 2026–2027
Reinvest free cash flow from existing portfolio companies to fund additional acquisitions. Accelerate group-wide value enhancement initiatives and build institutional credibility.
Phase 3 — 2028–2029+
Achieve target portfolio scale and EBITDA trajectory. Prepare for Tokyo Stock Exchange listing as a publicly traded holding company — providing permanent liquidity and long-term growth capital.
25–30
Target portfolio companies
¥5B
Approximate EBITDA target
TSE
Tokyo Stock Exchange listing
Why PINECONE
We offer business owners something fundamentally different from traditional M&A and private equity — a permanent, respectful, and value-creating home for their life’s work.
Your company name, brand, culture, and headquarters remain intact. We acquire to steward, not to rebrand or dismantle.
We are not constrained by fund lifecycles. Our holding period is measured in decades, providing certainty and stability for employees and customers.
Management teams stay. Operational decisions remain local. We provide support, not mandates — preserving what makes each company exceptional.
As principals deploying our own committed capital, we make acquisition decisions swiftly. No drawn-out committee approvals or investor roadshows.
We actively invest in growth — digital transformation, talent recruitment, strategic advisory — to put companies back on an upward trajectory.
We have no intention of flipping or reselling your business. When we say “permanent home,” we mean it — providing peace of mind for founders and their teams.
Core Values
Mission
Bridge to the Future
We serve as the bridge that connects exceptional businesses to their next chapter — preserving legacy while enabling transformation.
Vision
Connecting Japan & the World
By stewarding Japan’s finest SMEs, we build a platform that bridges Japanese craftsmanship and business excellence with global markets and opportunities.
Values
Challenge conventional thinking. Approach every opportunity with the conviction that transformative outcomes are achievable.
Think in decades, not quarters. Every decision should create enduring value for the businesses and communities we serve.
Listen deeply before acting. True stewardship begins with genuine understanding of people, businesses, and their context.
Avoid unnecessary complexity. Make principled, pragmatic decisions grounded in sound judgement and real-world outcomes.
Hands-on strategic and digital support tailored to each portfolio company — combining advisory expertise with practical technology implementation to drive measurable results.
Leveraging the collective intelligence and talent of the PINECONE group to strengthen individual portfolio companies — without compromising their independence or identity.
Unlocking global growth for portfolio companies by connecting them to international markets, distribution networks, and operational expertise — thoughtfully and at the right pace.
Press & Media
PINECONE’s approach to SME succession in Japan has been recognized by industry publications and media across the globe.
How PINECONE’s founders are applying the proven Swedish serial acquirer framework to Japanese SME succession, targeting an eventual Tokyo Stock Exchange IPO.
A podcast discussion on the intersection of McKinsey strategy, long-term investing, and building Japan’s first serial acquirer platform.
PINECONE launches operations in Japan as a “serial acquirer,” providing long-term investment solutions for SME succession challenges.
A DX case study on how PINECONE implemented board management systems to standardize governance across its growing portfolio.
Co-representative Shusaku Hattori featured in the Nikkei discussing the transformation of Kabutocho and PINECONE’s role in its revival.
An interview on PINECONE’s SME business succession strategy, published by M&A advisory leader Strike, Inc.
PINECONE acquires shares in Daito Environmental Science, a 50-year-old environmental consulting firm in Iwate Prefecture, furthering its mission to steward essential regional businesses.
Research & Playbooks
Broker map, deal sourcing channels, and market dynamics for Hong Kong SME acquisition opportunities.
PlaybookMarket landscape, intermediary network, and strategic considerations for Taiwan SME targets.
AnalysisSide-by-side analysis of Japan, Hong Kong, Taiwan, and regional markets across key acquisition dimensions.
OperationsPINECONE’s proprietary deal sourcing infrastructure, pipeline management, and origination methodology.
Get in Touch
PINECONE Holdings is actively seeking high-quality Japanese businesses in need of a succession solution. If you are a business owner or advisor, we would welcome the opportunity to connect.
Headquarters
FinGATE, Nihonbashi Kabutocho, Tokyo