• Integral and Kikkoman have shown interest
• Other interested parties also pitching
• Deal could result in take-private

Kadoya Sesame Mills, a listed Japanese manufacturer of sesame seed oil, is in talks with potential buyers, three sources familiar with the situation said.

The company has retained a financial advisor to assess its options, one of the sources added.

The sale process has been triggered by the founding family’s desire for a potential exit, two of the sources said.

Japanese private equity firm Integral and Japanese soy sauce maker Kikkoman are among those that have expressed interest in the company, the three sources said.

The sources added that Integral is interested in a potential take-private.

Other possible buyers are also interested in acquiring the company, one of the sources noted.

The situation remains fluid, said two of the sources.

The founding family’s interest in the company is linked to corporate shareholdings controlled by Kazuhiko Ozawa, who is a son of the late Jiro Ozawa, the former chairman of Kadoya Sesame Mills, according to a report from Shokuhin Shimbun in 2022.

Ozawa Bussan, a privately held Tokyo-based distributor of industrial equipment, owns 11.54% in Kadoya Sesame Mills, and Ozawa Shoji, a Tokyo-based company engaged in logistics services for Kadoya, owns 4.64% in the company, as of the end of March 2026, according to Kadoya’s securities report.

Kazuhiko Ozawa, president of Ozawa Bussan, owns a majority stake in Ozawa Bussan and Ozawa Shoji, according to the same securities report.

The remaining shareholders have expressed varied responses to the possibility of a deal, according to one of sources. Some shareholders may consider reinvesting, while others may opt to exit, the source said.

It was not clear if this meant some shareholders may be keen to take rollover equity in a bid to take the company private.

Other Kadoya shareholders include: Mitsubishi Corp with 26.88%, Mitsui & Co, with 21.91%, and Kokubu Group with 3.03% as of March 2026.

Shares in Kadoya Sesame Mills, which has a market capitalization of JPY 50.4bn (USD 315.6m), are up 45.2% year-to-date and are currently trading at JPY 1,793.

Kadoya, Integral, Kikkoman, and Ozawa Bussan did not respond to requests for comment by the time of publication. Mitsui & Co and Mitsubishi Corp declined to comment.