US-based alternative asset manager Apollo has announced an agreement to exit Japanese heat insulating solutions provider Maftec Group to funds managed by Tokyo-based mid-market private equity firm Advantage Partners.
Maftec, which specialises in ultra-high temperature heat insulating solutions for automotive and industrial markets, was carved out of Mitsubishi Chemical’s Thermal and Emission Control Materials business by Apollo funds in 2022.
Since the acquisition, the company has introduced its proprietary Maftec product line. Apollo said the investment resulted in strong EBITDA growth.
“We are proud to have supported Maftec’s launch as a standalone company and of the strong results the management team has achieved during our funds’ ownership,” said Tetsuji Okamoto, lead partner, Japan, and head of Private Equity, Asia Pacific, at Apollo.
The latest deal, whose financial terms were not disclosed, is expected to close in the second half of 2025, subject to customary closing conditions.
“Apollo’s industry and operation expertise were instrumental to successfully executing Maftec’s separation from Mitsubishi Chemical and its standalone strategy and we thank the Apollo team for their unfailing support and world-class partnership,” said Kosuke Matsuzaki, representative director and CEO of MAFTEC.
The buyer, Advantage Partners, is reportedly in the market to raise its second pan-Asian buyout fund, which has already secured about 50% of its $600 million target corpus.
Set up in 1992 by Folsom and Taisuke Sasanuma, both former Bain & Company management consultants, Advantage Partners was the first private equity firm in Japan.
Meanwhile, Apollo has been active in Japan in recent years, backing carve-outs and corporate transformations. Its investments include Panasonic Automotive Systems and Altemira, the holding company for Resonac and Mitsubishi Materials’ aluminum packaging business.
As of March 31, 2025, Apollo had approximately $785 billion of assets under management.
Apollo has been ramping up its expansion in the Asia Pacific region recently. In November, the firm, which manages approximately $733 billion in assets, opened an office in Seoul and appointed Jay Hyun Lee as partner and country head.
It has also recently hired Celia Yan, former head of APAC private credit at BlackRock, as a partner and head of its hybrid strategy for Asia Pacific.
