Detailed Description of Portfolio Companies of Fund III
|Features||Target Company (Ai-Medic Co., Ltd. and MMT Co., Ltd., jointly) engages in manufacturing, sales, and relevant services of orthopedic implant products for knee, shoulder, elbow, and hip. It has established dominant market share in areas of periarticular fractures and anterior cruciate ligament injuries treatment by leveraging on ‘AI-Wiring System’, its flagship product for trauma treatment. Target Company’s business is supported by the combination of strong R&D, pharmaceutical regulatory compliance, manufacturing, procurement, and sales, as well as its close-knit and extensive network with orthopedic surgeons across Japan. It also aims to boost business growth on the back of continual development and launches of new products and upgrades, which will be effectively promoted by high-performing sales force.|
|Investment Pattern||Carve-out from Noritsu Koki Co., Ltd.
Acquisition of the owner’s share
|Investment Theme||(1) Further enhancement of existing businesses via market launch of upgraded flagship products (i.e. ‘AI-Wiring System’); (2) Delivering synergy through the merger of Ai-Medic and MMT; (3) Achieving business model innovation to establish unparalleled unique market position by new product development in trauma treatment, sports orthopedics, joint prosthetics areas, leveraging on solid customer base among many orthopedic doctors as well as venturing into joint projects with foreign firms in future|
|Date of Exit||May 2019|
|Exit Pattern||Trade sale of the entire holding to Bando Chemical Industries, Ltd.|
|Exit Story||After the investment, Aimedic MMT Co., Ltd., which was formed by the merger of Ai-Medic Co., Ltd. and MMT Co., Ltd., has promoted PMI and strengthened its marketing structure by hiring sales management personnel from outside and enhancing cross-sell of products to its existing customer base. In addition, the company has reinforced infrastructure for future growth, such as streamlining a system to manage the new product development progress including collaboration with other companies and promoting the visualization of management. After the sale, the company as a Bando Group member will continue to operate as a player with an independent positioning in the orthopedic medical device industry which is one of the new businesses targeted in Bando’s group strategies and try to realize various synergies such as accelerated product development utilizing Bando group's advanced manufacturing technologies and development capabilities and then aim to increase its enterprise value.|