M&A Capital Partners Co., Ltd.
6080・Prime Market・Services
Business
M&A Capital Partners was founded in 2005 and listed on the Prime Market of the Tokyo Stock Exchange in 2022, forming a group specializing in M&A-related services. The group comprises a total of 6 companies, including the Company itself (M&A Brokerage & Advisory), RECOF Corporation (a long-established advisory firm with over 30 years of history), and RECOF Data Corporation (operator of the M&A Database 'MARR Pro' and the specialist publication 'MARR'). Its primary targets are business succession cases involving domestic unlisted owner-managed companies and small-to-medium enterprises, and in recent years it has expanded its scope to include TOBs (tender offer bids) and carve-outs of listed companies, as well as cross-border M&A. In FY2025 (ended September 2025), consolidated deal closings totaled 248, with revenue of ¥22,449 million.
Business Model
The majority of revenue consists of success-fee commissions received upon completion of M&A deals, with commission unit prices fluctuating significantly depending on deal size. In FY2025 (ended September 2025), 62 large-scale deals with commissions of ¥100 million or more were completed (up 18 deals year on year), and the rise in average unit price drove revenue growth. Cost of sales is centered on performance-linked bonuses paid to consultants, giving it a strongly variable-cost nature, and combined with SG&A expenses that have a low fixed-cost ratio, this has enabled the company to achieve high operating margins (31.7% consolidated, 38.8% standalone). The database and media business of RECOF Data Corporation supplements this with stable recurring revenue.
Company Strengths
The number of large deals closed with fees of ¥100 million or more surged to 62 in FY2025 (ending September 2025), up from 44 in the prior fiscal year. The company has built an advanced knowledge base over more than 10 years, centered on consultants holding professional qualifications such as certified public accountants and tax accountants, enabling it to win and close highly complex, large-scale deals and forming a virtuous cycle of brand building.
The non-consolidated operating margin for FY2025 (ending September 2025) was 38.8%, improving from 37.6% in the prior fiscal year. Under a performance-linked bonus system, cost of sales moves in line with variable costs, while the increase in SG&A expenses, which have a high fixed-cost nature, has been kept low. The company recorded operating profit of ¥7,127 million on net sales of ¥22,449 million, maintaining profitability that stands out even within the industry.
RECOF Data Corporation operates 'MARR Pro', a database of M&A cases dating back to 1985, providing it to operating companies, financial institutions, government agencies, and educational institutions. It also operates 'MARR', Japan's only specialized M&A magazine. In FY2025 (ending September 2025), revenue increased, aided by a database price revision. This information infrastructure, which competitors cannot easily replicate, contributes to differentiation and stable earnings.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal periods trended as follows: FY2021 ¥15,161 million → FY2022 ¥20,706 million → FY2023 ¥20,851 million → FY2024 ¥19,167 million → FY2025 ¥22,449 million, with a temporary adjustment in FY2024 followed by a new record high in FY2025. In H1 of FY2026 (ending September 2026), revenue was ¥13,447 million (+17.3% year-on-year), operating profit was ¥5,200 million (+20.1% year-on-year), and interim profit attributable to owners of the parent was ¥4,039 million (+26.5% year-on-year), demonstrating accelerating growth. As an external tailwind, the domestic M&A market continued to set new record highs in both deal count and deal value. Full-year guidance remains unchanged at revenue of ¥26,991 million (+20.2% year-on-year) and operating profit of ¥10,280 million (+44.3% year-on-year). The operating margin remained at a high level of 38.7% in the interim period, clearly reflecting an improving profitability trend.
Growth Strategy
A four-pronged approach comprising continued expansion of the number of deals closed, deeper focus on large-scale deals, enhanced KPI management, and response to industry sound-practice initiatives
Under a recruitment policy that carefully selects top talent, the company has increased the number of consultants and deepened its management framework, running business development activities and execution of contracted deals in parallel. In the first half of FY2026 (ending March 2026)*, consolidated deals closed reached 138 (up 24 year on year), with small-scale deals under ¥100 million in fees expanding particularly notably to 106 (up 23 year on year).
Through specialized divisions centered on consultants holding professional qualifications such as certified public accountants, attorneys, and certified tax accountants, the company is expanding high-difficulty deals including FA engagements and M&A between listed companies. In the first half of FY2026 (ending March 2026), deals with fees of ¥100 million or more numbered 32 (up 1 year on year), maintaining a high level and demonstrating the resilience of per-deal fee levels.
The company regularly monitors KPIs across the entire deal-closing process, flexibly adjusting management methods according to circumstances. Through a training system linked to the bonus system, it seeks to organizationally maintain compliance with guidelines and professional knowledge standards. Progress in industry sound-practice initiatives is forming a virtuous cycle that enhances the company's competitive advantage.
RECOF Corporation's number of deals closed in the first half of FY2026 (ending March 2026) increased to 10 (up 3 year on year), including one deal with fees of ¥100 million or more. This has contributed to the expansion of the group's overall number of deals closed, and progress toward monetization has been confirmed.
Last updated: July 17, 2026