Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Today after the close, <a href="https://www.smartkarma.com/entities/paris-miki-holdings-inc" target="_blank" data-smartkarma-citation="entities:15251:1" rel="noopener">Paris Miki Holdings (7455 JP)</a> announced the Tane family Holdco would buy out the company in an "MBO" at ¥581, or 4.8x current year EBITDA. </li>
<li>World famous eyeglass/sunglass manufacturer Luxottica bought 13.8% of the company in the low ¥300s almost stopping about a year ago. They might complain, but Paris Miki is a big outlet.</li>
<li>This looks like it gets done. The family+crossholders+ESOP+warrants have 65% of the expanded share count. Those who would complain would need to do so soon, and loudly.</li>
</ul>


Today after the close, Paris Miki Holdings (7455 JP) announced the Tane family Holdco would buy out the company in an "MBO" at ¥581, or 4.8x current year EBITDA. 
World famous eyeglass/sunglass manufacturer Luxottica bought 13.8% of the company in the low ¥300s almost stopping about a year ago. They might complain, but Paris Miki is a big outlet.
This looks like it gets done. The family+crossholders+ESOP+warrants have 65% of the expanded share count. Those who would complain would need to do so soon, and loudly.


[Japan M&A] Paris Miki Is Indeed an MBO Target; Luxottica May Complain But Tough To Block

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/paris-miki-holdings-inc" target="_blank" data-smartkarma-citation="entities:15251:1" rel="noopener">Paris Miki Holdings (7455 JP)</a> has recommended a Chairman-led MBO at JPY581, a 48.6% premium to the last close price.</li>
<li>While the offer is arguably light as it is marginally below book value (P/B of 0.99x), it is above the midpoint of the IFA DCF valuation range. </li>
<li>The offer represents a 10-year high. <a target="_blank">Luxottica Group (LUX IM)</a>, the second-largest shareholder, has not signalled whether it will tender, but it would struggle to derail the offer.</li>
</ul>



Paris Miki Holdings (7455 JP) has recommended a Chairman-led MBO at JPY581, a 48.6% premium to the last close price.
While the offer is arguably light as it is marginally below book value (P/B of 0.99x), it is above the midpoint of the IFA DCF valuation range. 
The offer represents a 10-year high. Luxottica Group (LUX IM), the second-largest shareholder, has not signalled whether it will tender, but it would struggle to derail the offer.


Paris Miki (7455 JP): Chairman-Led MBO Likely Done Despite Luxottica’s Unclear Intentions

<ul>
<li>The situation at Paris Miki has been relatively non-salutary the last many years til 2022. The stock has underperformed peers in sales growth and has dropped sales points. </li>
<li>The company has a decent relationship with one of its main suppliers, global eyewear giant <a href="https://www.smartkarma.com/entities/luxottica-group-spa" target="_blank" data-smartkarma-citation="entities:21203:1" rel="noopener">Luxottica Group (LUX IM)</a>, which just added to their stake recently, aggressively. </li>
<li>The company is getting slow-kicked out of TOPIX, but revival appears in the works. It kind of looks like a setup for an MBO.</li>
</ul>


The situation at Paris Miki has been relatively non-salutary the last many years til 2022. The stock has underperformed peers in sales growth and has dropped sales points. 
The company has a decent relationship with one of its main suppliers, global eyewear giant Luxottica Group (LUX IM), which just added to their stake recently, aggressively. 
The company is getting slow-kicked out of TOPIX, but revival appears in the works. It kind of looks like a setup for an MBO.


Paris Miki (7455 JP) - Corrected Vision - Is This A Setup For an MBO?

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

<ul>
<li>EssilorLuxottica has always played a long game in Japan but since 2018 the eyewear giant has been investing in local production and a growing store network.</li>
<li>As reported by <a href="https://www.smartkarma.com/profiles/mark-chadwick-b029e12b-877a-4796-9fc2-726aa7084ed5" target="_blank" data-smartkarma-citation="accounts:10765" rel="noopener">Mark Chadwick,</a><a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> and myself, Luxottica has a stake in <a href="https://www.smartkarma.com/entities/paris-miki-holdings-inc" target="_blank" data-smartkarma-citation="entities:15251:1" rel="noopener">Paris Miki Holdings (7455 JP)</a> and the Japanese firm is a key strategic interest for EssilorLuxottica.</li>
<li>That Luxottica is increasing its investments in Japan retail through acquisition is evidenced by its takeover of Washin Optical, a 70-store eyewear chain, last month.</li>
</ul>


EssilorLuxottica has always played a long game in Japan but since 2018 the eyewear giant has been investing in local production and a growing store network.
As reported by Mark Chadwick,Travis Lundy and myself, Luxottica has a stake in Paris Miki Holdings (7455 JP) and the Japanese firm is a key strategic interest for EssilorLuxottica.
That Luxottica is increasing its investments in Japan retail through acquisition is evidenced by its takeover of Washin Optical, a 70-store eyewear chain, last month.


Luxottica Buys Washin Optical, Paris Miki Next?

David Blennerhassett

<ul>
<li>For November 2025, eight new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$10bn.</li>
<li><strong>The average premium for the new transactions announced (or first discussed) in November was ~31%, with a year-to-date average of ~48%.</strong></li>
<li>The average premiums for transactions in 2024 (129 transactions), 2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For November 2025, eight new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$10bn.
The average premium for the new transactions announced (or first discussed) in November was ~31%, with a year-to-date average of ~48%.
The average premiums for transactions in 2024 (129 transactions), 2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.


(Mostly) Asia M&A, Nov 2025 Wrap: Qube, Forum Engineering, National Storage REIT, Star Micronics

Japan

PARIS MIKI HOLDINGS Inc. is a retailer of eyeglasses, contact lenses and other related goods.  The Company operates chain stores in Japan and overseas markets. Paris Miki also sells hearing aid.

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Paris Miki Holdings (7455 JP)

[Japan M&A] Paris Miki Is Indeed an MBO Target; Luxottica May Complain But Tough To Block

The Paris Miki MBO (not unexpected) is being done cheaply. Cash and securities rich so the Adjusted EV makes this buy cheap at 0.25x EV/Revenue....

Travis Lundy

Paris Miki (7455 JP): Chairman-Led MBO Likely Done Despite Luxottica’s Unclear Intentions

The offer represents a 10-year high. Luxottica, the second-largest shareholder, has not signalled whether it will tender, but it would struggle to...

Arun George

Paris Miki (7455 JP) - Corrected Vision - Is This A Setup For an MBO?

Paris Miki Holdings has a great profile of a small cap having figured out what it was doing wrong for over a decade. It has cash. Growth plans. A...

Travis Lundy

Luxottica Buys Washin Optical, Paris Miki Next?

EssilorLuxottica is investing in local production and expanding its store network in Japan, buying Washin Optical last month for example. Is Paris...

Michael Causton

(Mostly) Asia M&A, Nov 2025 Wrap: Qube, Forum Engineering, National Storage REIT, Star Micronics

For the month of November, 8 new deals were discussed on Smartkarma with an overall deal size of ~US$10bn. The average premium for the new deals...

David Blennerhassett

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52-week Range

Market Cap (USDm)

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[Japan M&A] Paris Miki Is Indeed an MBO Target; Luxottica May Complain But Tough To Block

The Paris Miki MBO (not unexpected) is being done cheaply. Cash and securities rich so the Adjusted EV makes this buy cheap at 0.25x EV/Revenue....

Travis Lundy

Paris Miki (7455 JP): Chairman-Led MBO Likely Done Despite Luxottica’s Unclear Intentions

The offer represents a 10-year high. Luxottica, the second-largest shareholder, has not signalled whether it will tender, but it would struggle to...

Arun George

Paris Miki (7455 JP) - Corrected Vision - Is This A Setup For an MBO?

Paris Miki Holdings has a great profile of a small cap having figured out what it was doing wrong for over a decade. It has cash. Growth plans. A...

Travis Lundy

Luxottica Buys Washin Optical, Paris Miki Next?

​EssilorLuxottica is investing in local production and expanding its store network in Japan, buying Washin Optical last month for example. Is Paris...

Michael Causton

(Mostly) Asia M&A, Nov 2025 Wrap: Qube, Forum Engineering, National Storage REIT, Star Micronics

For the month of November, 8 new deals were discussed on Smartkarma with an overall deal size of ~US$10bn. The average premium for the new deals...

David Blennerhassett

EssilorLuxottica is investing in local production and expanding its store network in Japan, buying Washin Optical last month for example. Is Paris...