Global investment firm Carlyle has announced the acquisition of Kyoden Co., a prominent Japanese manufacturer of printed circuit boards (PCBs). Founded in 1983 and based in Nagano Prefecture, Kyoden specializes in designing and manufacturing PCBs and board assembly for electronic devices. The company employs around 2,100 people and operates manufacturing plants in Japan and Thailand.
Kyoden’s product offerings cater to various industrial applications, including automated guided vehicles, semiconductor manufacturing equipment, amusement machines, wired and wireless equipment, and automotive devices. The PCB industry is witnessing growing demand for higher density and miniaturization in circuit boards. Kyoden addresses this need by providing small-lot prototype PCB products with short lead times.
The company also offers Electronics Manufacturing Services (EMS), providing solutions from component design to large-scale device assembly. Carlyle plans to support Kyoden’s growth by enhancing its manufacturing capabilities focused on high-multilayer PCBs and aiding its international expansion.
Kazuhiro Yamada, Co-Head of Carlyle Japan, stated: “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.”
Hiroshi Naganuma, President of Kyoden, expressed enthusiasm about the partnership: “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…is the perfect partner to support the business’ accelerated growth trajectory.”
Carlyle’s Japan buyout platform has invested over JPY 450 billion across approximately 40 private equity investments since 2000.
