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In 2021, JBS Partners bought the edtech company Tao Co. Japan, marking the 1st acquisition by a traditional SF in Japan. M-Capital, founded by Mitsuya Shimura, was the 2nd established traditional SF, backed by 25 world-class investors, including MBA professors, institutional funds, and entrepreneurs. After nearly 2 years of contacting around 3,000 companies and analyzing about 40 in depth, he successfully acquired I’ll Corporation, a company that produces 3D data and styrofoam art for theme parks and concerts. In the end, various international investors stepped up and did not participate in the deal. However, he managed to gain backing from investors such as Takao Ozawa, ex-CEO at Yahoo, and Shinichiro Hori, ex-CEO at Z Venture Capital, as well as Noriko Shimazu, founder of Japan Search Fund Accelerator, among others.
Founded in 2004 in the Saitama Prefecture, I’ll Corporation is a leading manufacturer of polystyrene foam molding and 3D design for theme parks, entertainment, and store interiors. From modeling and data production to prototypes and mock-ups, the company, which has 13 employees, gives shape to creations and ideas using cutting machines. In 2023, the company’s sales reached US$3.2M with US$1.4M EBITDA. Mitsuya acquired this company at 1.4x EV/EBITDA and 70% of the money was covered by LBO Finance.
The growth plan includes entering the metaverse and content fields by leveraging personnel capable of handling 3D data, and possibly engaging in bolt-on acquisitions.
