Japan-based Hirayama Holdings (7781:JP), a company mainly engaged in outsourcing and technology staffing, announced it has acquired a stake in Nissei Kogyo Co., Ltd, a firm based in Japan involved in plumbing maintenance for factories and office buildings as well as sanitary and air-conditioning works.

Financial details were not disclosed.

Following the transaction, Hirayama will hold 37.5% of the voting rights in Nissei Kogyo. According to Hirayama, the company will become an equity-method affiliate following the transaction.

Nissei Kogyo Co was established on 24 December 1966. The firm counts Toyota Motor-related groups as its main customers, as well as government offices and companies. The company has achieved growth through a wide range of equipment construction.

“We believe that the acquisition of shares will contribute to the improvement of our business performance,” Hirayama stated.

Hirayama reported revenue for the full year ended 30 June 2021 of JPY 23.0 billion (USD 210.7 million), an increase of 0.3% compared to the previous year.