Advisor to Vietnam-headquartered Manufacturer of High-tech Cardiovascular and Orthopedic Medical Devices

Mergerstone served as an exclusive advisor to USM Healthcare Medical Devices Factory JSC (“Company”), on its acquisition by Nissha Co., Ltd., a Tokyo Stock Exchange-listed Japanese manufacturer specialising in medical devices, mobility components, and sustainable materials, with an expanding CDMO platform serving customers across the US, Japan, and Europe.

Established in 2012 and headquartered in Ho Chi Minh City, Vietnam, USM Healthcare is Vietnam's only domestic and Southeast Asia’s leading manufacturer of cardiovascular stents, operating a fully vertically integrated platform that spans product design and development, regulatory approval, manufacturing, and sales. The Company's core product portfolio covers stents used in cardiology — principally catheter-based minimally invasive treatments — and devices used in orthopedics, complemented by a growing CDMO offering serving international medical device manufacturers.

USM Healthcare's domestic market position is underpinned by preferential government policies favouring locally produced medical devices in Vietnam, providing a durable structural advantage in a rapidly expanding regional MedTech market. Its vertically integrated model drives competitive pricing and speed-to-market, while its CDMO capabilities position the Company to capture outsourced manufacturing demand from OEMs seeking a cost-competitive, regulatory-compliant Southeast Asian production base.

Founded in 1929 and headquartered in Kyoto, Japan, Nissha is a TSE Prime-listed diversified manufacturer with core capabilities spanning medical devices, touch sensors, decorative films, and sustainable materials, operating across more than 20 countries. The Company has positioned the medical market as a priority growth segment, targeting 50% of consolidated net sales from medical by 2030, with a strategic focus on expanding its CDMO platform for medical devices beyond its established US base into Southeast Asia. The acquisition marks Nissha's first manufacturing foothold in Southeast Asia and provides a new manufacturing base in the region. Nissha intends to leverage its customer relationships in the US and Japan and its deep expertise in medical device design, development, and quality management to drive both organic growth and further bolt-on activity.

Mergerstone acted as exclusive sell-side advisor for USM Healthcare and its shareholders, providing end-to-end transaction support from initial positioning through to signing. Our mandate encompassed development of the investment narrative, construction and qualification of the acquirer universe across strategic and financial buyers in the MedTech and life sciences sectors, and management of a structured sale process. We coordinated all aspects of stakeholder engagement, due diligence facilitation, and negotiation to deliver an outcome aligned with shareholders' objectives. This transaction reflects Mergerstone's sector expertise in MedTech and our track record in cross-border M&A across Southeast Asia.