Detailed Description of Portfolio Companies of Fund IV

Tokico System Solutions, Ltd.

Features Hitachi Automotive Systems Measurement, Ltd. (HASM) develops, manufactures and sells instrumentation equipment and provides design, construction and maintenance services for energy stations and plants with the know-how of handling hazardous materials obtained in its longer than 80 years history since its inception. It is one of the handful players in Japan who can offer a full package of services to energy stations. Geographically HASM covers Japan and Asia and in Japan it focuses on the development of a variety of energy stations, including gasoline, CNG and hydrogen, as well as the construction business for private residence filling stations. All of these businesses have a top-level share in each segment.
Investment Pattern Carve-out from Hitachi group
Share acquisition from Hitachi Automotive Systems, Ltd.
Investment Theme Polaris will help HASM establish the organizational set-up as a stand-alone entity and expand and solidify its business franchise. In order to achieve non-linear growth and maximize HASM’s enterprise value, Polaris will assist the implementation of various strategies such as development of a next generation service station which utilizes IoT technologies, establishment of business base in the growing hydrogen station market, capturing of demand for fuel filling facilities to serve reserve power generators at mobile phone base stations (as a part of BCP measures) and acceleration of overseas expansion mainly in Southeast Asia through supporting R&D investment and various alliance/M&A strategies.
Date of Exit April 2022
Exit Pattern Trade sale of entire holding to Iwatani Corporation
Exit Story Polaris believes that Tokico's know-how in the development and manufacturing of measuring and instrumentation equipment, as well as its expertise in the design, construction and maintenance of energy stations, will contribute to strengthening the hydrogen supply chain of Iwatani who has positioned the hydrogen-related business as an important area of focus in its efforts to realize a decarbonized society. With the transfer of shares to Iwatani, various synergies can be expected, such as collaboration in engineering, sharing of human resources and technologies, development of new markets, and mutual utilization of domestic and overseas business bases.