EQT Takes Elevator Giant Fujitec Private in $2.7 Billion Deal
Swedish private equity firm EQT completes its take-private acquisition of Fujitec, the Japanese elevator and escalator manufacturer, in a landmark industrial buyout.
EQT Completes Fujitec Take-Private
Swedish private equity firm EQT announced the completion of its take-private acquisition of Fujitec, the Japanese elevator and escalator manufacturer, in a transaction valued at approximately JPY 407.8 billion ($2.7 billion). The deal, finalized in the fourth quarter of 2025, removes Fujitec from the Tokyo Stock Exchange and places it under the full control of one of Europe's largest buyout firms.
Company Overview
Fujitec manufactures, installs, and services elevators, escalators, and moving walkways, with operations spanning Japan, China, Southeast Asia, and North America. The company has approximately 10,000 employees and generates annual revenues of roughly JPY 260 billion. Despite its strong market position, Fujitec had faced criticism from shareholders over its capital allocation, governance practices, and sluggish growth relative to global peers such as Otis and Schindler.
Operational Value Creation Thesis
EQT's acquisition thesis centers on several operational levers. The firm plans to invest in Fujitec's aftermarket services business, which generates recurring revenue through long-term maintenance contracts. EQT also sees opportunities to expand Fujitec's presence in high-growth markets across Southeast Asia, where rapid urbanization is fueling demand for vertical transportation infrastructure.
Governance Reforms Enabling Deals
The transaction reflects the growing appetite of global private equity firms for Japanese industrial companies with strong technical capabilities but suboptimal capital structures. Japan's corporate governance reforms have made such deals increasingly feasible by encouraging boards to engage constructively with unsolicited proposals and prioritize shareholder value.
EQT's Asia-Pacific Expansion
For EQT, the Fujitec acquisition represents a significant expansion of its Asia-Pacific portfolio. The firm has been steadily building its presence in the region, with dedicated teams in Singapore, Tokyo, and Sydney. The deal also aligns with EQT's thematic focus on industrial technology and infrastructure services, sectors where the firm has a strong track record of value creation across its global portfolio.
