BDA Partners

From Harajuku to Hypebeast: Asia’s Takeover of Global Streetwear The global streetwear narrative has shifted irrevocably. Globally, the category is stabilizing, but across Asia, momentum is accelerating. The region has become the creative, cultural, and commercial engine driving the next chapter of streetwear. Japan is the blueprint. Japan remains the creative foundation of modern streetwear. Harajuku and Ura-Hara transformed global skate and hip-hop influences into a uniquely Japanese aesthetic defined by craftsmanship, scarcity, and subcultural authenticity. Human Made’s IPO on the Tokyo Stock Exchange, slated for November 27, 2025, underscores how Japanese streetwear has evolved from niche subculture to institutional-grade business. The offering, priced at the top of its range, highlights how premium Japanese brands, rooted in heritage and authenticity, are attracting global capital and investor confidence. Korea is the amplifier. K-pop and K-hip-hop turn niche labels into global names overnight, and stylists often drive more influence than designers. Airport fashion, social media, and MV styling act as real-time runways, powering brands like thisisneverthat, ADER Error, We11Done, and rising star Thug Club. In Korea, speed and visibility define success. China is the commercial engine. China’s streetwear boom is powered by guochao—movement blending youth identity, cultural confidence, and modern design. Combined with the world’s most advanced digital commerce ecosystem, trends move from discovery to nationwide adoption in hours. The convergence of Asian creativity, culture, and trends is crating the most compelling investment opportunity in a generation. The question is no longer if Asian streetwear will lead, but which brands will define the next decade. BDA Partners is at the nexus of this transformation. With deep regional expertise and a global M&A track record, BDA supports clients across the streetwear value chain—from identifying emerging brands to structuring cross-border partnerships and acquisitions. Asia is shaping the future of global streetwear, and BDA is ready to help investors and corporates capture this next wave of growth. BDA contacts: Euan Rellie, Karen Cheung, and Olivia Feng https://lnkd.in/eTfhV55d #BDAPartners #theglobalinvestmentbankingadvisor

BDA Partners’ Ho Chi Minh City team spoke with DealStreetAsia about healthcare investing in Vietnam. The interview examines why VC-backed healthtech platforms have struggled post-pandemic, and why PE interest in traditional healthcare assets remains strong. Perspectives from BDA: 1. “The shift is towards hybrid models where digital serves as an access point but must be integrated with physical infrastructure to deliver sustainable value. Pure-play telemedicine has not found a strong product market fit in Vietnam’s context,” said Huong Trinh, Partner and Head of Ho Chi Minh City at BDA Partners 2. “In contrast to venture-backed startups, PE investors are targeting operators with real assets and recurring revenue. They see value in consolidation and operational improvement plays rather than in subsidising user acquisition for unproven digital models,” Trinh explained 3. “These ambiguities create a regulatory risk premium. As such, investors might apply a discount on valuations to account for compliance uncertainty,” added Trinh 4. “Financial sustainability has become a central investment criterion. Investors look for startups with a clear path to profitability and proven unit economics at their current scale,” said Yen Pham, Vice President of BDA Vietnam 5. “The unifying theme across these opportunities is the appeal of healthcare models that combine a physical footprint, insurance reimbursement, and solid unit economics. In contrast, pure-play digital health ventures are expected to remain niche in the near term, pending greater regulatory clarity and more mature payment infrastructure,” Trinh concluded #BDAPartners #theglobalinvestmentbankingadvisor https://lnkd.in/ej4VsKiK

BDA Partners is pleased to announce that its client, Marunouchi Capital Inc., has agreed to sell its equity interest in TRIS Inc. to Aisan Industry Co., Ltd., one of Japan’s preeminent automotive component manufacturers, and part of the Toyota Group of companies. BDA acted as exclusive financial advisor to Marunouchi Capital on this transaction. Headquartered in Matsusaka City, Mie Prefecture, Japan, TRIS is the global leader in carbon components used in automotive applications, such as carbon brushes. Leveraging its proprietary materials engineering, advanced manufacturing, and rigorous quality control, TRIS supplies products to a spectrum of motor manufacturers worldwide, including global mega-suppliers, and commands the leading market share in its field. Welcoming TRIS into its group, Aisan Industry intends to harness TRIS’s world-class capabilities to strengthen the competitiveness of its powertrain business and expand its portfolio of carbon-neutral products. The combination of the companies’ technologies will accelerate material innovation and application development in electrified products, positioning the combined group to pursue global leadership in next-gen electrification solutions. Toshiaki Yokohara, Managing Director at BDA Partners, said: “We extend our sincere respect to Marunouchi Capital for guiding TRIS to its next stage of growth while preserving the company’s exceptional technologies and unique corporate culture. This transaction will see TRIS join Aisan Industry, a flagship Japanese automotive components manufacturer, marking a significant step to enhance the competitiveness of Japan’s manufacturing sector. BDA is committed to supporting the advancement of Japanese industry through high-quality M&A.” The deal team was Toshiaki Yokohara, Ryota K., and Ren Fujimoto https://lnkd.in/eG45AevY #BDAPartners #theglobalinvestmentbankingadvisor

Cream of the crop: M&A and investment in SE Asia’s dairy sector Demand across Southeast Asia is moving rapidly up the value chain—from basic liquid milk toward yogurt, cheese, and functional dairy—driven by urbanization, a rising middle class, and growing preference for premium and health-oriented products. The region’s dairy market is valued at approximately US$34bn in 2025 and is projected to reach US$46bn by 2030, growing at ~6% CAGR. Consumption remains relatively low—20–30 liters per capita in markets such as Indonesia and Vietnam versus 100+ liters in more mature economies—leaving significant room for growth. The industry continues to move up the value curve as consumers shift beyond liquid milk into yogurt, cheese, and functional dairy. Investors are backing brands with strong local relevance, integrated supply chains, and clear premiumization potential. Since 2023, both strategic players and private equity funds have accelerated investment—supporting domestic champions, upgrading processing technology, and building regional platforms. Value-added categories are expanding the fastest and delivering stronger margins, setting the stage for sustained deal momentum. Looking ahead, investors should monitor opportunities that balance growth with supply-chain resilience. Emerging local leaders are scaling quickly—and are becoming increasingly attractive acquisition targets. BDA is here to help. BDA Partners contacts: Euan Rellie, Karen Cheung, Rica Wirianata and Olivia Feng https://lnkd.in/e9jawJeH #BDAPartners #theglobalinvestmentbankingadvisor

BDA Partners is pleased to announce that its clients, the shareholders of Bi-Link, have agreed to sell the company to Donpon Precision Inc (3290:TW). Bi-Link is a global precision-engineering group, headquartered in Chicago, serving leading multinational customers through its facilities in China, Vietnam, and Mexico. Bi-Link makes metal and plastic components used in mission-critical applications across the automotive, medical, wireless, and consumer electronics industries. The transaction provides Bi-Link and its shareholders with a strong strategic outcome, ensuring business continuity and future growth under Donpon’s global platform. Donpon Precision, listed on the Taiwan Stock Exchange, is a leading manufacturer of precision plastic components, serving global OEMs. The acquisition enables Donpon to broaden its capabilities into metal processing and integrated module assembly, and to expand its global footprint across the Americas and Asia. This transaction reinforces BDA’s strong track record with founder- and family-owned industrial clients, and highlights our expertise in executing complex, multi-jurisdiction, and succession-driven transactions. Alexander Ditchfield, Managing Director and Head of New York, BDA Partners, said, “Bi-Link’s global reach, capabilities, and competitiveness perfectly enhance Donpon’s international manufacturing footprint. BDA is pleased to have enabled the combination of Donpon and Bi-Link, a great result for all stakeholders.” The deal team was Simon Kavanagh, Alexander Ditchfield, Henry Feng, Olivia Feng, Sian Crowder, and William Burges Watson. https://lnkd.in/eNxJvXaJ #BDAPartners #theglobalinvestmentbankingadvisor

Happy Diwali from BDA Partners One billion people worldwide will celebrate Diwali next week. Diwali, also known as Deepavali and the Hindu “Festival of Lights,” is one of India’s most widely celebrated holidays. It overlaps with other harvest rituals and festivals. The dates for the holiday vary each year; they follow the lunar calendar. Diwali originated in India, 2,500 years ago. The festival, which expands to the Indian diaspora, is observed for up to five days. Different religious traditions in India each fit their religious themes and narratives into Diwali. Some Hindus, for example, believe Diwali to be the return of Lord Rama, an avatar of Vishnu, from 14 years of exile. Other Hindus believe it to be the celebration of the killing of the asura (demon) Narakasura by Lord Krishna, another avatar of Vishnu. Some Hindus see Diwali as a chance to worship and celebrate the Hindu goddess of wealth, Lakshmi. For others, Diwali is the victory of knowledge over ignorance. Diwali celebrations for Sikhs commemorate the release of Guru Hargobind, imprisoned in 1617 and released in 1619. Jains also celebrate Diwali. They do it in remembrance of the day Lord Mahavira, revered as one of the great teachers of the religion, who attained Nirvana or enlightenment. In each of these Indic traditions, we find that Diwali holds some sort of significance and a reason for celebration, often a representation of hope and the victory of goodness. To honor someone, you may place a garland of flowers around them, such as the statues of deities in the temples. Diwali occurs on the night of a new moon, adding to the importance of lights during Diwali. In the darkness of night, roads and paths in India are lined with oil lamps illuminating the way to temples where gods and goddesses are honored among lights. People will also clean their homes and ensure every room is lit with lamps the night of Diwali. Believers report that the goddess Lakshmi visits well-lit homes. #diwali #diwali2025 #BDAPartners #theglobalinvestmentbankingadvisor

BDA Partners is pleased to announce that its client Flipspaces, a leading tech-led commercial interior design & build venture, has completed its Series C capital raise. In May 2025, Flipspaces raised capital from Iron Pillar and other investors. The latest tranche was led by Crescent Enterprises, Panthera Growth Partners, and SMBC Group. The transaction includes both a primary capital infusion, and a secondary exit for existing financial investor Carpediem Capital and several angel investors. This investment will accelerate Flipspaces’ growth across India, the US, and the UAE, and strengthen technology and brand leadership. Flipspaces will explore inorganic growth in new geographies and adjacent categories. BDA was the exclusive financial advisor to Flipspaces on the transaction. Terms of the transaction were not disclosed. Flipspaces’ tech-first platform streamlines design and build operations, accelerating project timelines and enhancing client experience. Its proprietary tools include VizWalk for immersive space visualization before execution, Vizcart for a curated product catalogue with a back-integrated supply chain including Vietnam, and Vizdom for real-time, remote site monitoring for clients. This model has enabled Flipspaces to profitably deliver 8 million sq ft of commercial space for a thousand brands across India and the US, positioning it as a strategic partner for enterprises, small and medium businesses, and coworking firms. The deal team was Kumar Mahtani, Rohit Kumar, Mohit Kabra, and Vishva Shah https://lnkd.in/er7nTkvW #BDAPartners #theglobalinvestmentbankingadvisor

Japanese investment in the US energy sector – BDA Partners, DBJ, Norton Rose Fulbright BDA Partners hosted a panel discussion & networking reception for senior energy sector executives, in New York on 10 Sep, alongside Development Bank of Japan Inc., and Norton Rose Fulbright.   We connected leading Japanese corporates across the value chain, from oil & gas, energy services, and renewables, with counterparts in the US. We're focused on the surge of outbound investment interest from Japan.   We convened the most ambitious investors and US industry players. The agenda focused on the impact of the ‘One Big Beautiful Bill Act’ (OBBBA) on energy investment in the US.   The conference featured a welcome address by Shingo Kobayashi, Managing Executive Officer of DBJ, and a keynote by Todd Alexander, Partner at NRF, on the implications of OBBBA for US energy. We followed with panel discussions moderated by Euan Rellie of BDA and Paul Sankey of Sankey Research, addressing renewables and oil & gas investment trends.   Senior representatives attended from: Aggreko, AIP, Captona, CFS Energy, Chevron, Chugoku Electric Power Co Inc/The (9504), ENEOS, Excelsior Energy Capital, Fuyo General Lease Co. Ltd., Harbert, Hess Corporation, HOG Resources LLC, Idemitsu Kosan Co.,Ltd., Invenergy, Japex, JETRO - Japan External Trade Organization , Kansai Electric Power Co., Ltd, Korea Development Bank, Kingston Capital Management, Kyuden International Corporation, Marubeni Corporation, MicroEra Power, Inc., Mitsubishi Corporation, MOL (Americas) LLC, Nano Nuclear, Nishimatsu, Northern Star Generation, Osaka Gas Co., Ltd., Primergy Solar, RWE Clean Energy, Sankey Research, Shizuoka Gas Co Ltd, Sionic Energy, Silverpeak, Tepco-Group, Tokyo Electric.   Takeaways: 1. The future of energy won't be defined by renewables or oil & gas alone, but by a pragmatic mix of both, highlighting need for flexible investment strategies to balance sustainability with energy security and economic viability 2. Japanese appetite for US energy is driven by confidence in US demand and market resilience, rather than short-term policy catalysts (OBBBA) signalling long-term commitment 3. Japan’s energy companies are looking abroad, reflecting demographics, limited domestic growth & the need to secure stable, diversified energy supplies 4. Japanese investors are highly sought-after partners, valued for their patience, flexibility, reliability. They're increasingly aligning with US deal timelines/valuations, offering long term capital and a collaborative strategic approach Euan Rellie, BDA Partners, said: “This event was a big success. BDA, DBJ and Norton Rose have resolved to make it an annual conference, going forward. We’re already working on multiple potential transactions as a result of these conversations in New York. I’m grateful to everyone who participated, and excited for what’s to come”. Toshiaki Yokohara, Stephen Etna, William Burges Watson

BDA Partners is pleased to announce that its client, ICG, has sold a majority stake in TIME Education to Nautic Investment, a Seoul-based private equity firm. TIME Education serves Korean students from pre-K to K-12 through its eleven brands, with its flagship learning center brand ‘Mirae Tamgu’ boasting a leading presence in Seoul’s heart of private education ‘Daechi-dong’. BDA acted as exclusive financial advisor to ICG. Terms of the transaction were not disclosed. The deal team was Howard Lee, Karen Cheung, Hyunjoo Kwak, and Seongsik Nam https://lnkd.in/e5WdvSHP #BDAPartners #theglobalinvestmentbankingadvisor

Cooking Up Growth: Asian Food’s Rise in North America Asian food has exploded from niche to mainstream, transforming North America’s dining and grocery landscape. Once confined to small “ethnic aisles” or family-run eateries, the category is now a US$37bn market growing at over 5% annually, outpacing the broader food sector. Immigration, cultural influence, and Gen Z’s appetite for global flavors are fueling the shift—turning dumplings, ramen, and kimchi into everyday staples. North America’s retail shelves and restaurants are proof of this momentum. H Mart has become a US$2bn powerhouse, Jollibee has crossed 100 locations, and mochi ice cream has gone from novelty to freezer-aisle must-have. Asian corporates like CJ, Ajinomoto, and Pulmuone are planting factories on US soil, while private equity has piled in—reshaping family-run businesses into billion-dollar platforms through modernization, consolidation, and brand building. What was once “ethnic” is now essential. Underrepresented cuisines—Filipino, Vietnamese, Indian—are set to drive the next wave, with health, wellness, and fusion formats pushing boundaries. For strategics and sponsors alike, Asian food has moved from novelty to necessity, cementing itself as the next strategic growth engine. BDA is actively tracking the best investment and acquisition targets in this fast-growing sector. Our cross-border expertise and track record in food and beverage M&A position us to help clients capture this transformation. BDA Partners contacts: Euan Rellie, Karen Cheung, and Olivia Feng https://lnkd.in/eQg_GBdC #BDAPartners #theglobalinvestmentbankingadvisor