Detailed Description of Portfolio Companies of Fund III

Yodogawa Transformer co.,ltd.

Features Yodohen, a leading company in manufacturing and renting of power receiving and transforming equipment, offers a wide variety of products with ample inventory ready for use and boasts an industry leading track record in the rental service, especially “Active Filter” for ultra-high voltage or high voltage facilities for large-scale construction sites. Backed by its technological superiority, solution-based marketing and product customization capability, Yodohen has secured numerous contracts with major players in construction, electrical engineering and industrial equipment and generated stable cash flow over the years. Going forward, Yodohen is expected to enjoy strong demand for the power receiving and transforming equipment from the large construction projects relating to the 2020 Olympic Games in Tokyo, conventional Bullet Train extensions and the new maglev type Bullet Train (the “Linear Chuo Shinkansen”) as well as the refurbishment of aging roads and bridges built in the high growth period of 1960’s and 1970’s. It may find another growth potential by identifying a new rental services opportunity and expanding into overseas markets in collaboration with major construction companies and engineering companies
Investment Pattern Business succession
Acquisition of the owner’s share
Investment Theme Polaris aims to archive Yodohen’s “Business model innovation” by promoting organic growth of renting power receiving/ transforming equipment and executing inorganic growth strategies including M&A and overseas expansion. Polaris will also strengthen its business franchise and streamline its business administration and operation control structure to increase its enterprise value and aim listing on a stock exchange in several year.

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