We—Nihon PMI Partners, Japan’s only sector-specialized healthcare buyout fund—support companies alongside healthcare experts, including MDs.
Following up on my previous post, we would like to share another actual investment case.
This time, we will introduce Ours Co. , Ltd. a company that operates home-visiting nursing and rehabilitation services as its core business, providing community-based home healthcare and long-term care support in Japan.
Before diving into the company’s overview, it is helpful to understand what home-visiting nursing and rehabilitation services involve.
Home-visiting nursing and rehabilitation refer to healthcare services in which licensed nurses and rehabilitation professionals—such as physical and occupational therapists—visit patients’ homes to provide medical care and therapeutic support under a certificate of medical instruction provided by a physician.
These services serve elderly individuals, patients with chronic conditions, those recovering after hospitalization, and children requiring ongoing care. A key feature of the system is that users can receive necessary medical and rehabilitative support outside of a hospital setting.
【Company Overview】
- Core Businesses: Home-visiting nursing, home-visiting rehabilitation, and in-home care services
- Business Area: Tokyo
- Revenue: Approx. ¥ 500 million (FY May 2025) /Numbers of Employees: Approx. 150
- History
◦ Established in September 2013.
◦ Initially launched a home-visiting nursing and rehabilitation business in Kanazawa City, Ishikawa Prefecture, and expanded into Tokyo in 2014.
◦ Established an urban home-care network in Tokyo, consisting of three main stations and six supporting satellite offices.
【Reasons for Investment】
① Strong market growth anticipated
◦ The home nursing market is expected to see sustained high growth, driven by an aging population and the strategic shift toward home-based medical care (CAGR of 10.5% from 2025 to 2030).
◦ The company operates in high-demand areas, including central Tokyo and the Tama district. There is significant potential to establish competitive advantages, particularly in the Tama area.
◦ We determined that the EV/EBITDA ratio is attractive compared to the sector average, offering significant upside as the market grows and the business expands.
② Contribution to the Integrated Community Care System
◦ The company specializes in pediatrics and rehabilitation, which allows it to earn high reputation and strong relationships locally.
③ High exit potential due to ongoing market consolidation
◦ Home-visiting nursing market is extremely fragmented with many small companies operating in only one location. As a result, roll-ups by investment funds are significant and justifiable.
【Value Creation Initiatives at Portfolio Company】
- Establishment of new offices
◦ Under NPMI’s investment in talent and capital, three new satellite offices were launched in line with the area-dominant strategy, expanding the company’s service delivery network.
- Strengthening Internal Operations Through On-site Physicians Seconded from NPMI
◦ Applied medical experience to drive on-site PMI, strategy execution, and process improvement
- Strengthening Human Capital for Growth: Driving Recruitment & Retention
◦ Identification of Causes and Improvement of Work/HR Systems
・Identify reasons for turnover and incentives for retention through exit interviews and other methods
・Develop work systems tailored to work-life balance and individual career objectives, and clarify career paths - Optimizing Operations at Deficit-Ridden Sites
◦ Through PMI efforts, A leveraged collaboration with its own care support offices to acquire new users and recruit staff, resulting in significant improvements in both sales and operating profit
◦ Achieved significant growth in both revenue and operating profit - Enhancing Expertise and Adjusting Workforce Ratios
◦ Share knowledge and strengthen expertise in pediatric and rehabilitation services, areas of competitive strength, across locations
◦ Increase the ratio of nurses in new stores to better address users with high medical needs
【Future Outlook】
We aim to improve profitability by implementing measures to reduce employee turnover while continuously promoting new station openings. Our long-term plan is to establish a network of approximately 10 locations, primarily focused on the Tama area in Western Tokyo. Through these initiatives, we are committed to further enhancing corporate value.