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Carlyle to acquire major stake in Rigaku Corporation

By partnering with Carlyle, Rigaku seeks fulfilling its global growth ambitions and going for an IPO in the coming years

Tokyo, Japan, January 6, 2021 – Rigaku Corporation (“Rigaku”), Japan’s leading manufacturer of X-ray analysis, measurement and testing instruments, announces today that global investment firm The Carlyle Group (NASDAQ: CG) and Mr. Hikaru Shimura, President and CEO of Rigaku has agreed to jointly acquire all outstanding shares of Rigaku, through a holding company to be newly set up by Carlyle and Mr. Shimura. Carlyle is expected to own approximately 80%, and Mr. Shimura approximately 20% of the new entity. The investment will be made by Carlyle’s fourth Japan buyout fund, Carlyle Japan Partners IV. Financial details of the transaction have not been disclosed.

Celebrating its 70th anniversary this year having been founded in 1951, Rigaku has grown to become Japan’s leading technology company in the field of X-ray analysis, measurement and testing instruments. Rigaku’s products analyze the composition and structure of various materials, and are used in a wide range of science and technology applications, including state-of-the-art R&D and production. Rigaku has highly advanced R&D capabilities primarily focused on XRD (X-ray diffraction) and XRF (X-ray fluorescence), and is the leader in these areas in Japan, as well as among the top players in overseas markets. Rigaku has a diversified customer base of over 10,000 customers globally, including academic and research institutions, as well as blue chip companies in industries spanning semiconductors, electronic devices, pharmaceuticals, steel and cement, among others. Rigaku’s annual revenue is approximately 44 billion yen, out of which around two thirds is generated outside of Japan.

The market for X-ray equipment is expected to grow globally, due to the continued miniaturization of semiconductors and electronic components, along with the increasing need for further enhancements in quality, safety and health in various industries. By partnering with Carlyle, Rigaku aims to capture this growth in global demand, while maximizing Rigaku’s corporate value and strengthening its brand, and will seek to list the holding company in the coming years. Carlyle will work with Rigaku to expand its operations and launch new products with improved analytical performance, usability and wider application in accordance with the demand characteristics of each end market, particularly in higher growth countries such as China among others in Asia. Carlyle will support Rigaku in its process of building a new management structure, including potentially augmenting the management with external hires, in order to support its continued growth. Mr. Shimura, who has led the business since 1971, will continue to be part of Rigaku’s management team, while also doing his utmost to support the future growth of Rigaku as a major shareholder.

Takaomi Tomioka, Deputy Head of Carlyle Japan, commented: “Under the leadership of Mr. Shimura, Rigaku has grown into a leading global player with superior technology, a solid and diversified customer base, and highly competitive R&D and manufacturing capabilities. It is an honor that he has chosen Carlyle as the partner to take Rigaku into its next phase by building a robust global organization under a new management team. We greatly look forward to working with Mr. Shimura throughout this transition, and are committed to supporting the future growth of Rigaku, building upon the success of his life’s work.”

Hikaru Shimura, President and CEO of Rigaku, commented: “Our trusted relationship with Carlyle has been developing for 10 years now, so I am delighted that we have formally come together in this new partnership to help Rigaku fulfil its global growth ambitions. Rigaku will, in order to achieve long-term growth, further expand its overseas business, capture market demand in high growth sectors, while strengthening global governance and management. I firmly believe Carlyle’s global expertise and network in Rigaku’s various end markets will create significant value for Rigaku.”


About Carlyle

The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $230 billion of assets under management as of September 30, 2020, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,800 people in 30 offices across six continents. Further information is available at www.carlyle.com. Follow The Carlyle Group on Twitter @OneCarlyle.

About Rigaku

Since its inception in 1951, Rigaku has been at the forefront of analytical and industrial instrumentation technology. Today, with hundreds of major innovations to their credit, the Rigaku Group of Companies are world leaders in the fields of general X-ray diffraction (XRD), thin film analysis (XRF, XRD and XRR), X-ray fluorescence spectrometry (TXRF, EDXRF and WDXRF), small angle X-ray scattering (SAXS), protein and small molecule X-ray crystallography, Raman spectroscopy, X-ray optics, semiconductor metrology (TXRF, XRF, XRD and XRR), X-ray sources, computed tomography, nondestructive testing and thermal analysis.

With Rigaku's vast understanding of X-ray physics and complementary technologies as a foundation, the company and its employees are dedicated to developing and supplying universities, industry, and government labs with the ultimate in customer-focused integrated solutions across a wide variety of disciplines, including structural biology, nanoengineering research, general purpose X-ray diffraction (XRD) and spectroscopy (XRF), materials analysis, chemical characterization, and quality assurance.