Detailed Description of Portfolio Companies of Fund I

Top Tour Corporation

Features Has been focusing on direct sales of group travel service packages for educational institutions, business corporations and municipalities and governments arranged through its extensive network in Japan and overseas. Currently offers more comprehensive support services such as “Business Travel Management” covering the arrangement, payment and cost control services for business trips and “Total Event Support” to support every aspect of conferences and events held in Japan and overseas. For individual travel, develops new types of packages to capture varying interests of customers based on the expertise and network obtained from group travel business and offers them through various channels including Internet.
Investment Pattern Secondary buy-out from another fund
Investment Theme Increase the equity value of the company by forging growth scenario utilizing the customer base and other business resources of the company after the company did not perform well under the contraction strategy adopted by the previous sponsor
Date of Exit August 2013
Exit Pattern Trade Sale of the entire holdings to Tobu Railway Co., Ltd.
Exit Story After the investment, Top Tour focused on certain profitable segments including group tour for higher profitability, adopted a knowledge sharing system with mobile communication environment for improved sales force effectiveness and reduced branches and staff for lower operational costs. As a result of those efforts, Top Tour generated stable profits even in the recent difficult market environment such as the Global Financial Crisis, the New Influenza and the Great East Japan Earthquake. Under the new ownership, Top Tour will aim to enhance its corporate value as a member of the Tobu Railway Group through various synergy effects including combining attractive tourist destinations along Tobu Railways’ lines such as Tokyo Skytree and Nikko/Kinugawa area and Top Tour’s strong network in and out of Japan and among its established corporate customers.