Funds managed by Apollo have agreed to acquire Nippon Sheet Glass Company (NSG), a Japanese manufacturing firm specialising in architectural, automotive, and solar glass.
The deal, totalling nearly $3.7 billion (590 billion yen) in enterprise value, will be Apollo’s largest private equity investment in Japan to date.
Apollo, which is known for its global alternative credit products, will provide equity to strengthen NSG’s financial position and support long-term growth, according to a company statement on Tuesday (March 24). Key lenders are converting a portion of their outstanding loans into equity, creating a more stable balance sheet to fuel expansion initiatives.
“This partnership with Apollo Funds and our principal lenders enables us to reinforce our financial position, invest in our people and technology and lead the next era of glass manufacturing,” said NSG CEO Munehiro Hosonuma.
NSG’s diversified business, manufacturing heritage, and strong customer relationships position it to capitalise on rising demand for energy-efficient architectural glass, advanced automotive glazing, and high-performance solar products. With Apollo’s backing, NSG plans to accelerate growth, invest in next-generation technologies, and continue delivering quality solutions worldwide.
“This investment combines Apollo’s global operational expertise with NSG’s manufacturing excellence,” said its lead partner for Asia Pacific private equity Tetsuji Okamoto. “NSG is a foundational player in the global glass industry, and we are committed to supporting its management team and employees during this transformational period to drive performance, innovation, and sustainable value creation.”
The deal marks Apollo’s fifth private equity investment in Japan, with prior deals including Panasonic Automotive Systems, MAFTEC, and ALTEMIRA Holdings.
The transaction requires NSG shareholder approval at the annual general meeting in late June and is subject to regulatory approvals. Completion is expected around March 2027.
