Detailed Description of Portfolio Companies of Fund I

Taiko Paper Manufacturing Co., Ltd.

Features Secures solid position in the craft paper segment and has a reputation of high product quality in the area of specialized papers which are tailor-made to the specification of each customer. Started some business with customers in the electronics industry lately. Has recycling business of interim treatment of waste materials and salvaging reusable resources
Investment Pattern MBI, spin-out from Tokyo Paper Manufacturing through joint investment with Environmental Energy Investment (EEI).
Investment Theme Increase the equity value of this non-core subsidiary of a major paper manufacturer by pursuing higher profitability through business portfolio streamlining, development of high margin specialized paper and higher operational efficiency.
Date of Exit April 2015
Exit Pattern Trade sale of all the shares to 9 local business partners and the existing management
Exit Story After the investment, the company embarked on streamlining material procurement and production process as well as introducing high-performance papers and achieved a lean business structure which can generate profits even in a recent difficult environment with weak yen and high heavy oil prices. After the sale, it will aim to increase its enterprise value through synergy effects to be created by closer cooperation with the business partners and tighter and more direct control by the owner management.