BDA’s Jeff Acton quoted in Bloomberg on Japan’s overseas M&A surge

Bloomberg has featured commentary from BDA Partners in its latest article on Japan’s rising outbound M&A activity, spotlighting Nomura’s $1.8 billion acquisition of Macquarie assets as part of a broader trend.

Jeff Acton, Partner at BDA Partners Tokyo, noted:

“We are seeing an increasing level of interest in assets that could help move part of their supply chain to the US”

highlighting how geopolitical uncertainty and trade tensions are reshaping Japanese corporate strategy abroad.

According to Bloomberg, Japanese firms have announced nearly $28 billion in outbound deals so far in 2025—up nearly 70% from the same period last year. Despite global volatility, long-term investment strategies continue to drive Japanese companies to pursue strategic overseas growth.

Read the full article on Bloomberg

About BDA Partners

BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with 30 years of experience advising on cross-border M&A, capital raising, and financial restructuring. We provide global reach with our teams in New York and London, and true regional depth through our seven Asian offices in Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services, Sustainability and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes.

BDA Partners has strategic partnerships with William Blair, a premier global investment banking business, and with DBJ (Development Bank of Japan), a Japanese Government-owned bank with US$150bn of assets.

US securities transactions are performed by BDA Partners’ affiliate, BDA Advisors Inc, a broker-dealer registered with the Securities and Exchange Commission (SEC). BDA Advisors Inc is a member of the Financial Industry Regulatory Authority (FINRA) and SIPC. In the UK, BDA Partners is authorized and regulated by the Financial Conduct Authority (FCA). In Hong Kong, BDA Partners (HK) Ltd is licensed and regulated by the Securities & Futures Commission (SFC) to conduct Type 1 and Type 4 regulated activities to professional investors. www.bdapartners.com

In 2023, the global women’s health market was valued at US$250-300 billion and is forecasted to reach US$500 billion by 2030, demonstrating a compound annual growth rate (CAGR) of approximately 10%. The market encompasses not only reproductive health but also cardiovascular diseases, osteoporosis, endocrine disorders, and mental health. Fueled by unmet medical needs and rapid innovation, the sector is primed for substantial expansion. This report provides a comprehensive analysis of the market’s current landscape, including its definition, key therapeutic areas, investment rationale, and notable transactions.

Key Observations from Recent Transactions:

Enhanced Awareness Boosting Market Growth: Increasing awareness of women’s health issues is amplifying the market’s potential. This growing consciousness spans a comprehensive array of health conditions impacting women, not just limited to reproductive health, but significantly broadening the market’s scope
Strategic Expansion and Investment by Major Corporations and Venture Capitals: Major corporations are solidifying their foothold in the women’s health arena through strategic mergers, acquisitions, and partnerships, particularly focusing on cutting-edge technologies. Simultaneously, venture capital firms are actively supporting startups with convertible bonds and growth equity. Additionally, the investment focus has expanded from traditional sectors like reproductive health, contraception, and fertility treatments to include broader areas. This shift signifies a deeper appreciation of the varied healthcare needs of women throughout their life cycle
Innovation-Driven Growth: The market is characterized by continual innovation, with the introduction of new FDA-approved medical devices for treating conditions like uterine fibroids, and cervical and breast cancers. Developments in FemTech, telemedicine, wearable technology, and AI-driven diagnostics are transforming the sector, creating new avenues for growth

The women’s health sector is experiencing a profound transformation, characterized by market expansion and significant economic potential. Strategic partnerships and technological innovations remain the primary catalysts for growth. Despite facing historical underfunding and other challenges, the industry is set to make substantial progress by capitalizing on global opportunities to enhance comprehensive healthcare for women worldwide.

Download full report here

About BDA Partners

We assessed both the medical devices (Medtech) and pharmaceutical (Pharma) distribution markets as part of the overall healthcare distribution market, which is collectively expected to grow at a combined CAGR of 7% from US$18bn in 2023 to US$26bn in 2029.

While historically underinvested, the healthcare industry in Southeast Asia (SEA) is becoming a key focal point for public and private investment, driven by growing demand from an increasingly aging population. Healthcare distributors in SEA have been entering the spotlight in recent years, driven by:

Distributors moving up the value chain, offering a breadth of services to global manufacturers including handling regulatory & compliance affairs, commercialization / demand generation, managing public tenders, logistics, technical support / training, financial management, and after-sales services
Competitive moats built via (i) understanding of local markets, regulatory environment, and customers, (ii) commercialization and logistical capabilities which translate to economies of scale, and (iii) entrenched supplier and customer relationships supported by their installed base of equipment
The fragmented nature of SEA, which results in many manufacturers lacking scale to build a local commercial presence in each market, vis-à-vis large homogenous markets such as China and India

Investors are turning their attention to healthcare distribution in SEA, leveraging M&A as a means to diversify geographical or end market exposures, as well as to consolidate the highly fragmented regional market. Many financial sponsors have recognized the huge market potential, building regional healthcare distribution platforms via buy-and-build strategies to achieve scale in SEA.

The distribution sector is resilient, trading at long-term median levels. The sector in SEA is significantly insulated from the impact of trade wars, due to steady demand for health products, and diversified manufacturing source locations.

Download full report here

About BDA Partners

BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with 30 years’ experience advising on cross-border M&A, capital raising, and financial restructuring. We provide global reach with our teams in New York and London, and true regional depth through our seven Asian offices in Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul, and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services, Sustainability and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes.

The global wind industry is entering a new era of growth. The need to triple annual installation by 2030 net-zero goals and minimize divergence from a global 1.5 C temperature increase, remains. In this piece, we represent BDA’s insight into the following:

Onshore wind’s relative cost – or levelized cost of energy (LCOE) – dropped by 70% from 2010 to 2023. Onshore wind is now the most competitive global energy solution ahead of solar, hydro, and fossil fuel base-load solutions
Whilst onshore and offshore wind have structural similarities, these differ materially in delivery – given complexities such as size, logistics, supply chain, installation and energy grid connectivity
The wind industry continues on its long-term historical double digit annual growth journey, with onshore wind expected to grow 10% per annum and offshore wind at 22% (2024-2030)
A large portion of the broader wind supply chain sits in China, with Western OEMs manufacturing in the country only to fulfil export / non-Chinese wind turbine demand. Geopolitical tensions are now resulting in increased geographical diversification – with India deemed a winner
Rare Earth Permanent Magnets, made of those scarce elements often used in the e-Mobility industry, may soon blow by as a thing of the past in wind turbines – with new technologies potentially reducing the industry need to 1/10th, given the complete obsolescence of gearboxes in direct drive turbines
We also exclusively interview the Global Wind Energy Council, a leading representative body for the wind industry with over 1,500 member companies, for their independent expert views

Please feel free to contact any of the BDA contacts below.

Download the full report here.

About BDA Partners

BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with 30 years’ experience advising on cross-border M&A, capital raising, and financial restructuring. We provide global reach with our teams in New York and London, and true regional depth through our seven Asian offices in Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services, Sustainability and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes.

BDA Partners advised IMM’s consortium on their successful US$1.6 billion acquisition of Ecorbit from KKR and Taeyoung Group which closed in December 2024.

Ruari Sinclair and Mark Webster from BDA Partners’ Sustainability team sat down with Howard Lee, BDA’s Head of Seoul, to discuss Korea’s largest M&A transaction of 2024, IMM’s acquisition of Ecorbit, the waste management leader.

MW: Ecorbit was both Korea’s largest M&A deal of 2024 and its largest waste management company (by revenue & EBITDA); talk us through the transaction and BDA’s role?

HL: The acquisition of Ecorbit by the IMM consortium is a milestone in Korea’s waste management sector, highlighting the growing strategic significance of environmental services and its evolving dynamics. As the #1 national player, Ecorbit presented unique opportunities – and challenges – that required a meticulous approach to maximize value.

BDA took a critical role in structuring and executing this complex transaction, identifying growth drivers and proactively addressing material transaction risks. We also developed a robust financial model that analysed various growth scenarios across Ecorbit’s multiple business units. For example, the landfill business unit faced continuity risks as capacity decreased, requiring careful analysis and strategic planning. Our input enabled IMM to build confidence in Ecorbit’s ability to deliver scalable, sustainable growth.

BDA’s support extended throughout due diligence and negotiation, ensuring the smoothest possible path. The acquisition not only solidified Ecorbit’s growth trajectory under IMM’s ownership but also set a new M&A benchmark in Korean waste and environmental services. From an in-house perspective, it was good to build on our established track record in the sector, including our role in SK ecoplant’s acquisition of EMC in 2020, which was also Korea’s largest waste management platform transaction at the time.

RS: What is the market opportunity for the Korean waste management sector today, and how has it evolved over the past five to ten years?

HL: Since 1960, Korea’s economy has grown significantly (GDP US$3.96bn 1960 to US$1.71t 2023), driving the expansion of the waste management industry alongside urbanisation and industrialisation. While total waste discharge rose steadily until 2021, COVID-19 caused a temporary decline in 2020-2022. From 2023, volumes have resumed their growth.

Substantial market potential still lies ahead, given ever-stricter environmental rules, increasing demand for advanced processing technologies, and a growing emphasis on sustainability. Over the past decade, we have seen the industry shift from a fragmented landscape to a more consolidated market dominated by large-scale operators. This transformation has been propelled by regulatory pressures, via measures such as the Waste Control Act and Circular Economy Legislation, rising operational costs, and heightened investment in infrastructure and innovation.

Consumer awareness and corporate ESG initiatives have further reshaped the sector, driving demand for sustainable waste solutions such as recycling and waste-to-energy technologies. Leading companies like Ecorbit have capitalized on these market trends by offering integrated waste management services to customers, addressing diverse needs from municipal to industrial waste. This convergence of regulatory, consumer, and corporate priorities has positioned Korea’s waste management sector as a vital contributor to the country.

Total Korean waste discharge volume, unit: ton in millions

Source: Korean Ministry of Environment

MW: What are the key characteristics of the Korean waste management sector, compared to other countries?

HL: Countries exhibit notable differences in waste management practices due to regional and historical factors. The United States relies on landfills, Japan uses incineration, Germany leads in recycling due to limited natural resources, and France has adopted balanced approaches integrating multiple methods.

Korea’s reported recycling rate appears high (~90%), but this includes energy recovery from incineration; many other countries exclude this. The “actual” material recycling rate is closer to ~20%, with landfill and incineration accounting for ~80% of waste management.

Historically fragmented, Korea’s waste management sector has transformed since the 2010s with private equity and corporate involvement. Ecorbit itself has optimized waste treatment and spearheaded operational efficiency, technological advancement, and sustainable practices. The sector’s competitive dynamics require major players to keep developing to secure future success.

Method of waste management by country, unit: %

Source: OECD

RS: How do you see the future of the Korean waste management market?

HL: The Korean waste management market is poised for significant growth, driven by government initiatives promoting a circular and environmentally friendly economy. These efforts focused on waste reduction, recycling, and material reuse, create a favorable environment for the sector. As sustainability becomes central, even more consolidation among key players is expected, with larger firms expanding portfolios and geographic reach to capture market share, further optimizing operations.

Technological advancements in landfill, recycling, resource recovery, and waste-to-energy solutions create new opportunities for market entrants. These innovations provide operational efficiencies and enable new business models, addressing the growing demand for sustainable practices. Companies adopting advanced technologies will be well-positioned to meet evolving consumer and regulatory needs.

Decarbonization efforts, alongside stricter regulations, are also reshaping the market, prompting operators to adopt more sustainable practices and optimize processes to comply with environmental standards. This professionalization of the sector emphasizes sustainability, compliance, and long-term value creation.

Korea’s increasingly sophisticated waste management market is attracting interest from cross-border investors. The country’s commitment to sustainability and its proactive environmental stance make it an appealing destination for global capital, with foreign investments playing a key role in accelerating sector development and innovation.

MW: Why are financial sponsors attracted to the Korea waste management sector?

HL: Financial sponsors like the Korean waste management sector due to its resilience, scalability, and alignment with long-term sustainability / circular economy trends. It offers stable, recurring revenue streams, supported by government regulations and the essential nature of its services. Additionally, technological advancements and operational efficiencies present good growth potential, driving profitability and market share expansion.

Furthermore, there are unique opportunities for financial sponsors to create large-scale, vertically integrated platforms. As smaller players merge or are acquired by larger firms, a more concentrated and professionalized market is evolving, where economies of scale, broader service offerings, and geographic expansion all drive value creation. So, by investing in waste management, sponsors can leverage both the sector’s growth potential and its ability to generate stable returns, making it an ideal target for long-term, value-driven investments.

RS: We have seen several waste management transactions in Korea over the last few years – do you see a strong pipeline of more assets coming to market?

HL: 2024 was a standout year for Korean waste and environmental services M&A. Ecorbit aside, KJ Environment was acquired by EQT from Genesis Private Equity for US$700m+, Affirma secured J Entec for US$392m and Glenwood bought three waste management businesses from Bubang. These and earlier private equity investments will need a future exit and this will drive a good level of M&A activity for the sector in the coming years.

Growing private equity investor interest has also encouraged companies to streamline operations and divest non-core assets. Meanwhile, the success of landmark deals like Ecorbit has boosted market confidence, paving the way for similar large-scale transactions. We therefore anticipate increased activity in niche segments such as landfill, hazardous (chemical) waste management, industrial recycling, and waste-to-energy facilities.

BDA’s regional perspective:

We continue to see increased M&A activity and interest across Asia in the waste and environmental services sector. Asia generates about 60% of global municipal waste with c. 1.3 billion tons generated annually, expected to grow to >2.4 billion tons by 2050. This expansion is largely driven by:

Expanding populations and continued urbanisation – especially in South and Southeast Asia
Relatively robust economic growth, boosting income levels – leading to higher consumption and generating more waste per capita
Greater industrial manufacturing activity and e-waste generation with increasing technology use
Lack of integrated and sufficient waste management and recycling systems resulting in lower waste collection rates especially in low to middle-income regions
- The average municipal solid waste collection in East and Southeast Asia rate is 75% compared to >98% in Europe and North America
Stricter regulatory regimes driving opportunities in waste recycling technologies and processes – and transactions

If you would like to speak to our Seoul or Sustainability sector teams to learn more about how we can help you achieve your M&A objectives – in waste management or beyond – please contact any of the team members below.

About BDA Partners

Jeff Acton, Co-Head of Tokyo, BDA Partners, was quoted by Bloomberg.

He predicts a yet busier 2025, after Japan’s US$230bn M&A boom last year.

“We’re seeing a significantly increased universe of investors and buyers,” said Jeff Acton. “Lately, I’m having two to three meetings a week with new investors and funds looking to enter the market. Five years ago, it would’ve been zero meetings.”

Read the full article here

About BDA Partners

BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with over 25 years’ experience advising on cross-border M&A, capital raising, and financial restructuring. We provide global reach with our teams in New York and London, and true regional depth through our seven Asian offices in Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul, and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services, Sustainability and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes.

BDA Managing Partner Euan Rellie spoke with MergerMarket about the year ahead:

“Positioning the current market situation as the natural fallout from a benign five-year period, Euan Rellie, a managing partner at BDA Partners, which advises many GPs on exits, describes the last 18 months as “the most difficult I’ve seen in my 30-plus year career.”

“Assessing the prospects for private equity exits of all kinds, BDA’s Rellie expects India and Japan to remain in demand, consistent but below-the-radar activity in Korea, and a gradual revival in more emerging markets like Vietnam where the impact of the global M&A slowdown was most severe.

“He is also optimistic about China, observing that with valuations now so low, opportunistic investors – including some strategic players – will look to do more. For example, while a mid-size branded food asset in India currently trades for 6x revenue, similar businesses in China are available for 6x EBITDA. This often means the sale price in China is one-fifth that of India.

“In Asia more broadly, BDA has found that private equity investors paid up for assets that in many cases have fallen short of growth projections over the past five years. Facilitating exits became harder when interest rates went up because differing perceptions of the macro environment among buyers and sellers led to price dislocation. More recently, however, Rellie has seen a shift in mood.

“We’ve had a lower close rate than usual in the first three quarters of 2024, but we are seeing a rash of deals coming through,” he said. “With interest rates coming down, everyone wants to get things done. A lot of private equity firms haven’t done much in the past 18 months and they can’t hold forever.”

About BDA Partners

Simon Kavanagh, Head of Industrials, BDA, was quoted in Bloomberg.

Bloomberg reports that 2024 has been a busy year for takeovers involving Hong Kong-listed companies, with US$38bn in M&A activity, the highest since 2017, including several contested deals.

“Regardless of the winner, if these transactions progress smoothly and the Hong Kong Takeover Code is seen to work well, we can expect to see further opportunistic approaches to public shareholders,” said Simon Kavanagh.

“The trend would be a welcome catalyst for the local stock market,” added Kavanagh.

Kavanagh notes that despite recent gains in Hong Kong stocks, “the Hang Seng Index is still trading at half the price earnings ratio of the S&P 500 Index, so there is value to be found on the Hong Kong market.”

Read the full article here

About BDA Partners

Paul DiGiacomo, Managing Partner and Head of Financial Sponsors Group, BDA, was interviewed in Seoul Economic Daily.

“The M&A market is expected to recover in earnest starting next year. With interest rates falling, and the uncertainty around the US presidential election resolved, M&A transactions are likely to increase through 2026-2027.”

“Most Asian markets, except for India, were sluggish through the first half of 2024. However, they’re recovering, with 75% of annual transactions concentrated in the second half,” DiGiacomo noted.

He outlined three key reasons for the market recovery:

The increase in private equity funds’ dry powder
The downward trend in interest rates
The resolution of policy uncertainty following US elections

He predicted, “It will take 2-3 years just to deploy the dry powder accumulated by PEFs, who could not execute during the COVID pandemic due to high interest rates.”

He also expects an increase in the sale of overseas assets and carve-outs by large corporations in the Korean market. Notably, the recent sale of Doosan Energy’s Indian subsidiary, Doosan Power Systems India (DPSI), to local real estate company Casagrand Builder.

“The first target of restructuring for large corporations will be overseas assets; this is a necessary step to enhance competitiveness in their core businesses.”

“PEs are particularly attracted to assets that guarantee stable sales through long-term contracts with parent companies, or assets that can reduce unnecessary labor costs and brand usage fees resulting from consolidation by large companies. There are instances where PEFs acquire businesses that have shrunk due to poor industry conditions and can rapidly increase corporate value through external growth or margin improvements with minimal restructuring.” He cited the waste management industry as a prime example of PEF-led consolidation. He noted that high-risk industries, such as new drug development and industries facing significant policy uncertainty, like rechargeable batteries, are less attractive to private equity.

DiGiacomo described the recent increase in transactions between PEFs as a “natural phenomenon.” He explained that “Strategics are focusing on holding cash and maintaining asset liquidity due to the slump in major industries such as semiconductors and rechargeable batteries, as well as ongoing policy uncertainty. As the industry enters a boom period, transactions between strategic investors and PEs will increase, leading to a symbiotic relationship.” He further noted, “This P2P format will involve overseas private equity selling to local funds or local funds selling to overseas PEs, resulting in transactions where LPs do not overlap.”

“Most GPs want to attract overseas LPs but don’t know how to go about it. A good strategy would be to create touchpoints with overseas LPs through secondary deals or continuation funds.”

He identified promising areas for future investment, including software, environmental industries, K-food, and K-beauty.

“Five years ago, strategics were the main investors in the software sector, but now PEs are actively engaging. For example, Skylake Equity Partners, which has a strong understanding of IT, is increasing its investment in software. As the semiconductor industry recovers, advanced materials companies will attract attention.” Industries related to the circular economy, such as water treatment and climate change solutions, also look promising.

About BDA Partners

President Donald Trump will be inaugurated for a second time on 20th January 2025. His trade policies, if enforced, will upend the post-WWII global trading system. Global multinationals and exporters worldwide will face a significantly more difficult business environment.

This may understate the coming change. Trump’s new administration will challenge the global consensus and the accepted wisdoms of modern economics.

In the short term, companies and investors must prepare for tariffs, strained alliances, and impulsive, unilateral policymaking that will be aggressive even compared to Trump’s previous term. Relocating to Vietnam, India, or Mexico to cut costs and sidestep the US-China geopolitical rivalry will no longer shield global companies from uncertainty or further costs.

Significant tariffs on imports from outside the US may make Trump’s first-term trade wars seem trivial. According to his (consistently inconsistent) campaign statements, he may impose 60%-100% tariffs on goods from China and 10%-20% on everything else, no matter where these goods are made.

President Trump has promised to be a bomb-thrower, using aggressive tactics to benefit “America first”. We should take him at his word.
His incoming administration will face fewer checks and balances than his first. No trading partner will be entirely spared.
Opportunities will certainly emerge across Asia for countries who move fast and ingratiate themselves to the US markets.
All Asian countries will hope to find growth nearer to home and Intra-Asian trade will boom. Those Asian countries which show agility and diplomacy will enjoy great profits, in the coming turbulent seas.
On balance, India, Japan, and Indonesia look well-placed, but it would be foolish for any Asian companies to be complacent. As ever, fortune will favour those who are most courageous, and canny.
Technology and Healthcare are poised to thrive regionally. Consumer and Services companies will find room for growth.
Asian companies should not ignore the European markets, which will look increasingly attractive if the US puts up barriers.
BDA Partners stands ready to support its financial and strategic clients to take advantage of these fast-flowing waters. Change creates opportunities.

Download the full report here

About BDA Partners

BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with over 25 years’ experience advising on cross-border M&A, capital raising, and financial restructuring. We provide global reach with our teams in New York and London, and true regional depth through our seven Asian offices in Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services, Sustainability and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes.