Global investment firm Carlyle has announced the listing of Orion Breweries on the Prime Market of the Tokyo Stock Exchange. With this initial public offering (IPO), Carlyle has sold its entire stake in Orion, assuming full exercise of the over-allotment option.
Orion Breweries, established in 1957 in Okinawa, is known as a leading beer brand in the region. The company produces and sells various alcoholic beverages and soft drinks and also operates a hotel and tourism business.
Carlyle, together with Nomura Capital Partners, acquired Orion in 2019. Since then, they have worked with Orion’s management to implement a long-term growth strategy focused on enhancing the brand and promoting sustainable growth. Efforts included appointing new management talent, expanding to meet tourism demand in Okinawa, growing the brand internationally, increasing manufacturing capacity, and optimizing supply chain operations.
Takaomi Tomioka, Co-Head of Carlyle Japan, stated: “It has been a real pleasure to work with Murano-san and the Orion management team to grow a much-loved brand. We are grateful to the company’s employees and stakeholders, including the people of Okinawa, for their trust and support. Today’s listing is an important milestone for the company and we wish them continued success in the years ahead.”
Hajime Murano, President and CEO of Orion Breweries, said: “We have received invaluable strategic guidance from Carlyle following their investment in 2019 that has contributed significantly to enhancing our corporate value. We are grateful for their support and dedication, which ultimately led to Orion’s listing on the Prime Market of the Tokyo Stock Exchange. Looking ahead, we remain committed to building a brand rooted in its Okinawan heritage that brings smiles to people around the world.”
Since 2000, Carlyle’s Japan buyout platform has invested more than JPY 600 billion across about 40 private equity investments. Orion is now the tenth portfolio company from this platform to become publicly listed in Japan; Rigaku Holdings Corporation completed its IPO in October 2024.
Carlyle manages $465 billion in assets as of June 30, 2025. The firm operates through three segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. More information can be found at www.carlyle.com.
