Investment Criteria &
Partnership Approach

Our Approach

We invest in companies that care what happens next.

We work with founders and operators who care what happens after close, valuing organizational stability and long-standing relationships with employees, customers, suppliers, and their community. We know key stakeholders want a fair deal with people they can trust to not break ties. If that describes you, get in touch. If we’re not the right fit, we’re happy to try to help find someone who is.
LOCATION

Japan

INDUSTRIES
  • Construction Rental
  • Equipment Rental
  • Manufacturing
Revenue RANGE

¥1billion - ¥5billion

TYPICAL INVESTMENT CASE
  • Seeking to transition ownership either in the short or long term - with minimal disruption to the team, culture, customers, and community.
  • Seeking a partner and partial liquidity, but plan to stay actively involved and want to grow the business.
Partnership Forms

Our deals aren’t zero sum, but positive sum.

We want to work with families and businesses where we enjoy spending time with one another, in an effort to win together.

Legacy Buyouts

We buy 51% to 100% ownership from retiring principals wanting to maintain their company’s independence and reputation. The retirement could be immediate, or over 5 years. We’re flexible. Upholding a legacy is about more than just capital. It extends to how a team is transitioned, how customers feel and interact with the brand. A legacy buyout means name and identity are essentially maintained and minimal changes occur to operations.

Growth Partnerships

We purchase 51%-80% from principals who want to take some chips of the table. Oftentimes when we meet a prospective seller, they are not yet ready to retire and are excited about the future. Liquidity, growth-oriented reinvestment needs, and long-term succession planning are driving transaction conversations. Advisors may have told an owner to defer to the buyer on whether they should be involved post-close, but to us, an owner who wants to roll forward is a highly positive signal

Management Partnerships

We work with operators who want to continue growing autonomously, while exiting the retiring or absentee owners. Management partnership is a version of a growth-oriented partnership in which the people we partner with are not the existing majority owner. This most commonly occurs when the ownership has already retired, and the operators, who may have no or little equity, lead the operations and vision of the company. In a management partnership, we work with the operators to determine how best to structure decisions, and to achieve a win-win-win scenario for owners, operators, and the company.

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