Japan M&A Solution Incorporated
9236・Growth Market・Services
Business
Japan M&A Solution Co., Ltd. is an M&A advisory firm specializing in small and medium-sized enterprises, founded in November 2019. Guided by its founding policy of "never refusing a consultation," the company primarily serves SME owners facing succession issues and a lack of successors. It acquires deals through a network of partner organizations—including financial institutions, professional firms (accountants, lawyers, etc.), and operating companies—totaling 637 cumulative partnerships, and provides M&A advisory services mainly in an intermediary (brokerage) format. The company listed on the Tokyo Stock Exchange Growth Market in October 2023. It operates under the M&A Advisory Business (Single Segment), and for FY2025 (ending October 2025), net sales were ¥654 million with 69 deals closed.
Business Model
Revenue consists of the "success fee" received from both the transferring and acquiring parties upon completion of an M&A transaction, and the "monthly fee" received each month from the company seeking to be transferred, based on the advisory agreement. By not charging an upfront retainer and instead adopting a monthly fee structure, the company reduces the initial burden on clients while creating a mechanism that encourages the continuous generation of results. Deal sourcing depends on referrals from partners such as financial institutions, professional service firms (lawyers, accountants, etc.), and operating companies, with two-person teams handling everything end-to-end from needs discovery through closing.
Company Strengths
The company has built a partner network totaling 637 firms, comprising 119 financial institutions, 294 professional service firms (such as accountants and lawyers), and 224 business corporations, among others. Of the 463 new advisory contracts signed in FY2025 (ended October 2025), 226—the largest share—came through financial institutions, with referrals from partner firms forming a stable pipeline of deals. The company recognizes that this network also functions as a barrier to entry for new competitors.
The company maintains a policy of accepting deals from small and medium-sized enterprises regardless of scale or profitability, actively handling small-scale deals that major M&A firms tend to avoid. Its fee structure—requiring no upfront retainer and charging a monthly advisory fee—lowers the financial hurdle for clients, allowing the company to differentiate itself among the 2,758 M&A support organizations registered with the Small and Medium Enterprise Agency.
The number of new advisory contracts signed in FY2025 (ended October 2025) rose sharply to 463 (up 28.6% year on year). This represents more than a threefold increase over four fiscal years from 149 contracts in FY2021 (ended October 2021), and serves as a leading indicator for future growth in the number of completed deals. The number of completed deals is also on an increasing trend, reaching 69 (up from 57 in the previous fiscal year).
ENVALITH's Perspective
Performance Trend
Financial performance peaked in FY2023 (net sales of ¥753 million, operating profit of ¥176 million), after which both sales and profit continued to deteriorate through FY2024 and FY2025. However, the interim period of FY2026 (ending October 2026) (November 2025 to April 2026) saw a sharp recovery, with net sales of ¥526 million (up 41.2% year on year), operating profit of ¥142 million, and interim net profit of ¥127 million. The gross profit margin improved substantially to 47.5% (from 28.4% in the prior interim period), and SG&A expenses also decreased by ¥15 million compared with the prior interim period. Full-year guidance has been revised upward to net sales of ¥990 million (up 51.3% year on year), operating profit of ¥178 million, and net profit of ¥143 million. As an external tailwind, expanding M&A demand driven by the worsening succession shortage problem has provided support, and whether the accumulated advisory contracts (263 contracts in the interim period) convert into signed deals in the second half will be key to achieving the full-year targets.
Growth Strategy
Achieving sustainable revenue growth through expanded personnel recruitment, strengthened partner networks, and improved deal closure rates
Continuing to strengthen recruitment of immediately productive personnel to meet growing demand. Achieved a workforce of 37 advisors as of the end of the interim period of FY2026 (ending March 2026) (up 4 from the same period a year earlier). The company will continue to strengthen recruitment, aiming to increase the number of deals closed.
The number of advisory contracts in the interim period increased steadily to 263 (up from 225 in the same period a year earlier, a 16.9% year-on-year increase). This structure, in which the accumulation of contracts leads to future growth in the number of deals closed, resulted in 44 deals closed in the interim period (up from 41 in the same period a year earlier), showing steady growth.
Continuing to expand the partner network (cumulative total of 637) with financial institutions, professional firms, and business corporations, aiming for stable acquisition of referred deals. Amid the trend toward strengthened public-private governance, the company also expects improved recognition as a highly specialized support organization.
In the interim period of FY2026 (ending October 2026), net sales increased by ¥153 million against cost of sales of ¥276 million (up from ¥267 million in the same period a year earlier), significantly improving the gross profit margin to 47.5%. SG&A expenses were also reduced to ¥108 million (down from ¥123 million in the same period a year earlier), achieving an operating profit margin of 27.0%. Maintaining and improving profitability for the full year remains a challenge.
Last updated: July 17, 2026