Acquisition of Additional Shares in Aim Services, a Major Contract Food Service Company in Japan

Feb. 2, 2023

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Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Kenichi Hori) today decided to acquire a 50% stake in Aim Services Co., Ltd. ("Aim"), a major contract food service company in Japan, from the other shareholder, the U.S. company Aramark ("Aramark"), and concluded a share purchase agreement with Aramark. After the acquisition of the additional shares for USD535 million (approximately ¥70 billion), Aim will become a wholly owned subsidiary of Mitsui. The share purchase is conditional on approval by the regulatory authorities under the Anti-monopoly Act and the fulfillment of other closing conditions, and anticipated to close early in the first quarter of the fiscal year ending March 31, 2024.

Aim was established in 1976 as a joint venture between Mitsui Group companies and Aramark. Since opening its first location as an employee cafeteria in Mitsui's former head office building, Aim has expanded its client base in many sectors such as offices, factories, hospitals, welfare facilities, schools, stadiums and training facilities. Today, Aim supplies a total of around 1.3 million meals daily to approximately 3,900 facilities nationwide.

Mitsui will continue to accelerate Aim's further growth by leveraging the comprehensive strengths of Mitsui, and will establish an "Integrated Hospitality Service" business centered on Aim, which solves clients' issues, by providing diverse services, such as enhancement of health & productivity management and improvement in employee engagement.

Mitsui has hospitals and clinics as its core businesses in the field of healthcare and nutrition, at the same time placing priorities on promoting the prevention of illness and creating environments in which people can enjoy both physical and mental well-being. To establish "wellness" fulfilled with three key elements – healthcare, prevention, and well-being – Mitsui is pursuing to create various businesses through integrating our tangible assets and digital solutions. This acquisition is one of Mitsui's specific initiatives to contribute to the realization of enriched and happy lives by enhancing health and well-being through providing delicious and nutritious food.

While the impact of this additional acquisition on consolidated financial results for the fiscal year ending March 31, 2023 will be negligible, a revaluation gain on Aim's shares currently held by Mitsui is expected to be recognized in the fiscal year ending March 31, 2024, when Aim is reclassified from an equity method affiliate of Mitsui to a consolidated subsidiary. The International Financial Reporting Standards, which Mitsui complies with, requires the remeasurement of previously held equity interest at the fair value of the date of the acquisition of control, and the recognition of a revaluation gain or loss. The revaluation gain resulting from the remeasurement is currently estimated to be ¥40 billion, but the final figure will be calculated based on the fair value as of the closing date.

Under the banner "Wellness, the new wealth", Mitsui will work to create a future in which the wellness Mitsui pursues will contribute to a new wealth enjoyed by people around the world.

1. Profile of Aim

Name Aim Services Co., Ltd. ("Aim")
Head Office Minato-ku, Tokyo, Japan
Established 1976
Representative Makoto Kodani, President & CEO
Business activities Supply of food and support services to offices, factories, hospitals, social welfare facilities, schools, sports stadiums, training facilities, and other locations in Japan
Sales (consolidated) JPY173,229 million (fiscal year ended March 2022)
Employees 44,031 (as of March 31, 2022, including part-timers)
Shareholders & Equity Stake Before Transaction Mitsui: 50%, Aramark: 50%
After Transaction Mitsui: 100%

2. Profile of Aramark

Name Aramark
Head Office Philadelphia, Pennsylvania, U.S.A.
Established 1959
Representative John Zillmer, Chief Executive Officer
Business activities Provides food, facilities and uniform services to clients in 19 countries across the globe
Sales (consolidated) USD 16,300 million (fiscal year ended September 2022)
Employees Approx. 274,000


For inquiries on this matter, please contact

Mitsui & Co., Ltd.
Investor Relations Division
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Mitsui & Co., Ltd.
Corporate Communications Division
Telephone: +81-80-5912-0321
Facsimile: +81-3-3285-9819
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