Detailed Description of Portfolio Companies of Fund III

Clean Surface Technology Co.

Features Since its inception as Japan’s first specialist mask blank maker in 1977, the company has been manufacturing and selling mask blanks to major photo mask manufacturers in Japan and abroad which in turn will be used to manufacture various end products such as LCDs, semiconductor packages, touch panels and plasma display panels (PDP), enjoying a high market share. The need for higher resolution in flat panel displays (FPD) will bring an increased demand for the high quality and high value added mask blanks which the company specializes in.
Investment Pattern Business Succession
Acquisition of the owner’s share
Investment Theme Secure a smooth business succession and support the global growth strategy of the company using know-how gained from Polaris’ ample experience of investing in business succession cases and in manufacturing companies. Strengthen its sales, production and technology development capabilities, accelerate the development of overseas business and improve the business administration framework to solidify its leading company position in the mask blank industry and increase its corporate value.
Date of Exit February 2017
Exit Pattern Trade sale of entire holding to Mitsui Matsushima Co., Ltd.
Exit Story Following our investment, the Company has reinforced corporate administration functionality by hiring several professional managers including new CEO to deliver smooth handover of authority from the founder/owner of the Company with the aims to prepare for possible future IPO. The Company also continues to strengthen the technological competitiveness via promoting long-time employees to managements and welcoming externally-sourced experts on board as well as streamline its infrastructure by capital expenditures for quality improvement and a renewal of sales management system for more efficient KPI control and monitoring. In the post-Exit phase, the Company aims to further improve its enterprise value as a member of Mitsui Matsushima Group, by continual effort to strengthen its strategic position as an independent market player in mask blanks industry, which is one of the core operations in the Company’s business portfolio.