Japan’s Succession Crisis Fuels 6,000% Stock Surge in Elevator Empire

Tucked away in Japan’s vast corporate landscape is a little-known elevator maintenance company which has built an empire buying up heirless family-run companies.

Japan Elevator Service Holdings Co. has turned the consolidation of small, nuts-and-bolts businesses into a stock market powerhouse that has surged nearly 6,000% since its modest ¥1.8 billion initial public offering (roughly $16 million at that time) in 2017. Since listing, the company has announced acquisitions of 21 companies. It is among the Topix index’s top performers since its debut with a market capitalization around ¥372 billion ($2.5 billion).