On July 31, 2025, AlphaPolis Co., Ltd. (“AlphaPolis” or “the Company”), one of Hibiki Path Advisors’ core portfolio holdings, announced the acquisition of WHITE FOX Co., Ltd. (“WHITE FOX”), a famous anime studio.
Please refer to the following release from AlphaPolis:
Notice Regarding Acquisition of Shares of WHITE FOX Co., Ltd. (Conversion into a Subsidiary) (Only in Japanese as of today)
We welcome and support this bold strategic move!
The company had expressed interest in pursuing M&A opportunities, and this transaction marks a decisive step forward on that path. For those unfamiliar, WHITE FOX is a renowned anime production studio known for hit series such as “Re:Zero – Starting Life in Another World.” This acquisition is particularly significant, as WHITE FOX is an ideal strategic fit for AlphaPolis in two key respects.
First, Japan’s anime production infrastructure is increasingly under strain. With limited studio capacity and growing global demand, delays in adapting promising IPs into anime can lead to significant opportunity losses. Major players like KADOKAWA have already taken proactive steps to internalize production by acquiring studios such as Chiptune and Doga Kobo—moves widely seen as essential to executing their global strategy and maximizing the long-term value (LTV) of their rich IP libraries. In comparison, while AlphaPolis may still be considered a challenger in some respects, it has established a strong position as a platformer of user-generated content (UGC), boasting a deep pipeline of anime-ready IP. Given its stated ambition to expand its anime business, bringing production capabilities in-house is a highly rational and forward-looking move.
Second, WHITE FOX is a particularly strong strategic fit for AlphaPolis. The studio has a strong track record in genres where AlphaPolis has a strong presence—particularly “isekai-mono” (alternate world) titles—and is both well-respected in the industry and beloved by core anime fans. In today’s market, fans care deeply about who animates a series, often as much as the story itself, both domestically and globally. Securing a trusted studio with proven capabilities in genres central to the Company’s portfolio offers significant strategic upside.
While the acquisition price and valuation have not been publicly disclosed, the press release indicates that the transaction falls below 15% of AlphaPolis’s net assets, implying a deal size of under JPY 2 billion. Based on WHITE FOX’s current earnings, the valuation may appear somewhat expensive at first glance. However, if AlphaPolis is able to leverage this acquisition to build a value chain that enables stable, strategic production of its own IP, the synergy has the potential to unlock substantial long-term value. We see this transaction as a meaningful step toward realizing President Kajimoto’s bold vision for the Company.
We firmly believe that this transaction carries significant long-term potential and is well aligned with the goal of creating sustainable shareholder value. As shareholders, we fully support AlphaPolis’s initiative and look forward to the value this strategic move will generate over time!
This post does not constitute a solicitation to subscribe for, or a recommendation to buy or sell, any specific securities, nor does it constitute investment, legal, tax, accounting, or other advice.