中川政七商店 acquired all shares of bag manufacturer バッグワークス in its first M&A in the company’s 310-year history. It will retain バッグワークス’s Toyooka manufacturing base while establishing a framework for business succession.
中川政七商店 acquired all shares of bag manufacturer バッグワークス effective 21 August and took over its business. The acquisition price was not disclosed, and the transaction marks the first M&A in the company’s 310-year history.
バッグワークス was founded in 1954 in Toyooka, Hyogo Prefecture, a major bag-producing region. Although it has continued to operate profitably without debt, management decisions concerning production planning, product development and sales had depended on the experience and judgment of its former president. With retirement in mind, the company had been considering options for business succession.
The two companies have worked together since 2011, and sales of バッグワークス products rose to 110% of the previous fiscal year’s level in fiscal 2025, reaching a record high. The companies aim for a “relay-style” business succession, retaining the brand and Toyooka manufacturing base while transferring management.
Sengoku Aya (千石あや), president and representative director of 中川政七商店, said the company aims to establish a new form of business succession that passes バッグワークス and its community-rooted manufacturing on to the next generation. バッグワークス’s former president described the succession as “the result of the best possible course of events,” while incoming executive vice president and successor Ogino Yu (荻野祐) expressed an intention to carry on its technology and trust.