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Our Investments
* Unedited comments from interviews with the presidents of companies in which we invested.
as of May 1, 2007
Kawamura Electric Inc.
Shareholder profile restructuring
| To respond quickly to the need for a new operating structure resilient to changing market forces, Kawamura Electric sought a strong shareholder base to support its efforts in new businesses and international operations. To this end, the company tapped Nomura Principal Finance for funds to restructure its shareholder profile and is currently bolstering its corporate structure supported by Nomura Group. March-07
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Tsubaki Nakashima Co., Ltd.
Management & Employee Buyout (MEBO)
| Established in 1939, Tsubaki Nakashima has built up a solid client base as a technological leader in ball screws able to mass-produce precision ball screws on an ongoing basis at low cost. Due to current changes in the operating environment, such as the growth in Asian markets and the need to develop new materials, management and employees came together to delist the company via an MEBO in order to create a corporate structure supportive of sustainable growth. February-07
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Eastern Co.,Ltd.
Capital increase
| Intense competition in both Japan and international markets for Eastern's mainstay product (ultra-thin chip scale packages) meant the company's production facilities were working at full capacity. Amid this environment, management was faced with the option of bringing forward its planned plant and equipment investment outlined in its mid-term plan. With the capital increase from Nomura Principal Finance, Eastern was able to aggressively expand its operations while shoring up its financial position for the mid- to long-term. September-06
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Skylark Co., Ltd.
Strategic Delisting
MBO (MEBO - Management & Employee Buyout)
| Since its establishment in the 1970s, Skylark enjoyed steady growth until recession hit Japan in the early 2000s and the company's growth came to a standstill. Realizing that bold reforms were necessary to put the company back on the road to growth, but also reluctant to expose the some 50,000 individual shareholders to undue investment risks, Skylark's management decided to delist the company and successfully completed a management and employee buyout. June-06
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Misawa Homes Co., Ltd.
Capital increase
Joint investment
| With the IRCJ's support, Misawa Homes had a planned to return to its core business by restructuring non-core businesses and through financial restructuring. At the time, Misawa Homes was looking for a sponsor to provide additional Group creditworthiness and raise corporate value through business synergies. June-05
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YMC Co., Ltd.
Shareholder profile restructuring
| YMC needed to restructure its shareholder profile after repeated financings and stock transfers during the company's growth stages. It also needed to quickly prepare for going public. YMC was able to do this by using funds from neutral investor Nomura Principal Finance to concentrate its shareholder profile and receive comprehensive support from Nomura Group. March-05
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IPM "Raicho Fund"
Shareholder profile restructuring
| In conjunction with Mitsubishi Materials Corporation's (MMC) overhaul of its business portfolio, it transferred its injection molding tool business to a company wholly-owned by the Raicho Fund. This enabled MMC to re-focus its manufacturing resources and launch a new production line, as well as improve the development, design, and manufacturing of its various metals and hot runners, and begin enhancing the mass-production of injection molding tools in order to better respond to user needs. November-04
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Millennium Retailing, Inc.
Capital increase
| Millennium Retailing, Inc. is the holding company for Millennium Retailing Group, which consists of Sogo Co., Ltd. and The Seibu Department Stores, Ltd. Millennium Retailing, Inc. needed to increase its capital to shore up its weak financial base to allow for further growth. To save the time needed to gather investors, the company received an investment from Nomura Principle Finance to quickly and smoothly execute its growth strategy. July-04
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Huis Ten Bosch Co., Ltd.
Turnaround Sponsor
| Nomura Principal Finance was selected from among 14 sponsor company candidates. Nomura Principle Finance recognized potential value in Huis Ten Bosch based on its brand strength (3rd highest in industry) and potential value in its facilities built from over 300 billion in total investment. Nomura Principal Finance is now working to revitalize Huis Ten Bosch under new management and business partners. June-04
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Taiyo Electric Industry Co., Ltd.
MBO
| Parent company NEC decided to sell Taiyo Electric as part of its strategy to focus its business on network solutions. Additionally, Taiyo Electric's president was approaching retirement, and the company needed to appoint a new management team. With Nomura Principle Finance's investment, the company was able to break away from the NEC group and utilize Nomura's network to appoint a new president and put together a new management team. January-04
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Sliontec Corporation
MBO
| Parent company Hitachi mentioned plans to sell off non-core businesses in a mid-term business plan, with Sliontec a possible candidate for sale. In order to maintain employee motivation and go independent in a more aggressive form, management decided to utilize an investment from Nomura Principle Finance to succeed in carrying out a management buyout. December-03
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Tungaloy Corporation (formerly Toshiba Tungaloy)
Strategic Delisting
MBO (MEBO - Management & Employee Buyout)
| As a part of its selection and concentration strategy, parent company Toshiba determined that this was a non-core business. With an increasingly competitive environment, it had become necessary to build a management structure that allowed for fast decision-making. In order to maintain employee motivation and go independent in a more aggressive form, management decided to utilize an investment from Nomura Principle Finance to carry out a TOB and a strategic delisting MEBO. November-03
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Wanbishi Archives Co., Ltd.
Turnaround Sponsor
MBO
| Wanbashi Archives Co., Ltd. was laden with interest-bearing debt as a result of financial investments during the bubble period, and needed to reduce its debt load. With cooperation from main bank UFJ Bank, it was working to sell successful businesses to reduce debt. A private restructuring scheme allowed Wanbashi Archives to avoid insolvency and get back on a growth trajectory. March-03
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DAI SEIKEN Co., Ltd. "Raicho Fund"
Shareholder profile restructuring
| This was the very first investment made by the Raicho Fund, which was established to bring change to Japan's metalwork's industry and increase competitiveness of Japan's manufacturing industry. In order to bring about short delivery periods, high precision, and low costs in metalwork's manufacturing, the company utilized consulting from INCS Inc. Has increased production capability by introducing production management, process management, 3D design, and other technologies. February-03
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Resort Solution Co., Ltd. (formerly Misawa Resort)
Capital increase
| Resort Solution needed a strong partner to help it raise funds to facilitate future development of its main business, and in order to synthesize its services and expand its sales base. By working with Nomura Principal Finance, Resort Solution was not only able to increase its capital through an investment from NPF, but was also able to use Nomura Group's network to expand its corporate business. November-02
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Daikuma Co., Ltd.
Joint Investment
| Formerly part of the Ito-Yokado Group, Daikuma Co., Ltd. was facing tough times and wanted to shift itself away from being a discount store chain. Meanwhile, Yamada-Denki was looking to enter the Kanagawa prefecture where Daikuma was centered. Nomura Principle Finance carried out a joint investment with Yamada-Denki and Daikuma succeeded in converting its business with support from Yamada-Denki. May-02
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Fuji Car MFG Co., Ltd.
Turnaround Sponsor
| Nomura Principle Finance provided support as a corporate sponsor after the company filed under the Civil Rehabilitation Law. The company went on to strengthen its management and restructure its business portfolio, and formally completed rehabilitation procedures in February 2005. March-02
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UHT Corporation
Strategic Delisting
Business Succession
MBO
| The company needed to make drastic changes following the burst of the IT bubble. The company founder had already resigned from a management position and the company wanted to change its capital structure. The company used NPF's investment to take the company private in an MBO in order to properly adjust the shareholder profile and raise management's power while keeping employee motivation at a high level. February-02
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CCI Corporation
Strategic Delisting
| Competition in CCI's core business area was expected to intensify dramatically. Management felt the need to develop new businesses, and had been planning to delist the company and concentrate on converting its business structure. In addition, CCI didn't have much in the way of financing needs, so remaining listed wasn't particularly necessary. The company used Nomura Principle Finance's investment to carry out a management-led TOB to take the company private. July-01
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Dowa Works, Ltd.
Business Succession
| Dowa Works' owner/president was advancing in age and thinking about passing on his management rights, but there were no strong replacement candidates within the company. Facing this situation, the company was looking for a sponsor to continue the company's strengths and carry on the corporate culture. Valuing Nomura Principle Finance as a neutral investor, Dowa Works utilized Nomura Principle Finance's investment to sell the owner's stake and appoint a new president from NPF's network and create a new management structure. October-00
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