Long Black's ¥7B fund buys rubber boot maker Toho in succession deal
What's the deal? Long Black PartnersDealroom has a profile for this one. Try Dealroom → Group, through its subsidiary LBPIDealroom has a profile for this one. Try Dealroom →, has acquired shares in Toho Rubber IndustryDealroom has a profile for this one. Try Dealroom →, a Fukushima-based rubber boot manufacturer. The investment ran through the Kizoku Japan No. 2 Investment Limited PartnershipDealroom has a profile for this one. Try Dealroom →, a ¥7 billion fund focused on business succession and growth support.
What each side brings: Founded in 1957 and led by Yoshiyuki Hongo, Toho Rubber is one of just four companies left in Japan making rubber boots, supplying consumers, private firms, and government bodies. LBPIDealroom has a profile for this one. Try Dealroom → operates the fund and brings a track record in the rubber manufacturing sector.
Why now? The Kizoku Japan No. 2 fund was established in July 2025 to back small and medium-sized enterprises that underpin local economies. Its backers include the Small and Medium Enterprise AgencyDealroom has a profile for this one. Try Dealroom →, regional financial institutions, and 11 other companies.
What's the endgame? Toho Rubber plans to drive economic growth and job creation in Nihonmatsu City alongside the fund, with a focus on human resource investment and growth strategies. The stated aim is to secure the longevity of its product line and its footing in Japan's rubber industry.
The signal: Business succession is a growing pressure point for Japan's ageing base of small manufacturers, and government-backed funds are stepping in to keep niche producers running. With only four rubber boot makers left nationwide, deals like this show how private capital is being paired with public agencies to preserve regional industry.
Read more: third-news.com
Image credit: Generated with Gemini
