Mergermarket M&A Forum Japan 2024
The premier M&A forum in Japan
The Conrad, Tokyo and online
Senior Industry Professionals
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Yoshinobu Agu is the Head of M&A at Citigroup Global Markets Japan Inc. He also has senior coverage responsibilities for some sectors and clients. He has worked on various M&A advisory roles in various sectors/industries, including both cross-border transactions in various geographies, as well as domestic transactions and restructuring deals. He joined Citi in 1998 after working for Nikko Securities. He holds a BA from the School of Commerce at Waseda University and MBA from Boston University. He also teaches part-time at Hitotsubashi University Business School.
Shohei Akiyama is Partner, a member of NSSK’s five-person Management Committee and is Chief Administrative Officer (“CAO”) at NSSK and is responsible for all the operation functions in NSSK’s Business Support Team (including accounting, tax, legal and compliance functions). Prior to assuming his role as CAO, Shohei was a Director on the Investment Team and has been with NSSK since its founding. Before joining NSSK, Shohei was at JPMorgan Securities Japan Co., Ltd. in their Investment Banking Division. At J.P. Morgan, he was responsible for a number of major transactions for Japanese companies including cross-border M&A and global IPOs. He is a graduate of the University of Tokyo (B.A.).
Fujiko Amano is Director for Investment Collaboration at the Investment Facilitation Division, Ministry of Economy, Trade and Industry of Japan ("METI"). She handles policy-making for foreign direct investment promotion jointly with the "Invest Japan" Office of the Cabinet Office and undertakes deregulatory projects, serving as a contact point for foreign corporations and foreign entities in Japan. She brings a unique mixture of public and private sector experiences in trade and investment as well as public policy and regulatory fields.
Prior to joining METI, she served as a trade negotiator for the Japan-EU EPA and the Japan-China-Korea FTA at the Economic Affairs Bureau of the Ministry of Foreign Affairs of Japan and has held management positions at multinational corporations and international organizations, including Vodafone, a Global IT company and Japan-ASEAN Centre. As a New York licensed lawyer, she also practiced law at Shearman & Sterling, Jones Day and Sidley Austin. She holds a BA from Bryn Mawr College, a law degree from the University of Oxford, and a Msc. from the London School of Economics.
Masahide Fukuda serves as the General Manager of the Corporate Strategic Investment Department at ENEOS Holdings, Inc. and ENEOS Corporation, where he leads the corporate mergers and acquisitions activities, providing pivotal support to the business units within both entities. Under his leadership, ENEOS received Industrials & Chemicals M&A Deal of the Year and M&A Deal of the Year of Japan in 2022 from Mergermarket Japan.
His legal background includes leading the Legal Department at ENEOS, where he managed M&A legalities. He began his career in corporate law, with significant contributions to domestic and international M&A transactions at Freshfields Bruckhaus Deringer and Jones Day.
Masahide's academic credentials include a Master of Laws (LL.M.) from the UCLA School of Law in the United States and a B.A. from The University of Tokyo in Japan. He is a licensed bengoshi in Japan and is also admitted to practice in New York.
Reo Goto joined Unison Capital in 2017. He is responsible for investment activities mainly in B2B services and consumer services sector, and also serves as a member of Investment Committee. He has been involved in Unison’s investments in Sukesan, SHiDAX, and Kids Corporation. Prior to joining Unison, he worked at Mitsui & Co. in Tokyo and Moscow, where he was engaged in business development, strategic investment, and business support for portfolio companies primarily in service business industry.
Reo holds a B.S. in Bioengineering from Tokyo Institute of Technology.
Yusuke Ichikawa joined Advantage Partners in March 2003.
He has executed 14 Private Equity and PIPES investments, including highly successful deals such as Nihonkaisui with its bold industry restructuring and Net Protections, a leading Japanese fintech growth stock that went public. He has led industry initiatives within the fund related to digital, B2B services, and healthcare. Currently, he is responsible for and serves on the boards of Nareru Group, Material Group, and Spiral, among other investments in the relevant industries.
Other notable investment angles include.
Turnarounds
Turnaround investments in the former Kanebo, Inc. and Megane Super, Inc. resulted in significant improvements in profitability by improving cost structures and renewing brands.
Owner business succession and roll-up
After taking over the business from the founders, Oishes and Nihon Meika Sohonpo incorporated M&A as a core part of their strategy to integrate and operate multiple B2C brands and achieve margin expansion.
Infrastructure and energy investments
Invested in Neo Corporation, an electricity-saving service provider, and Ecolocity, a leading parking lot operator, to expand its customer base and create value through marketing digitization.
Since he joined Marsh in January 2022, Masato has been engaged in risk advisory work, including arrange of warranties and indemnity insurance, for private equity and corporate clientele. Prior to joining Marsh, Masato has 13-year sales experience for Tokio Marine Nichido Fire, including 2-year experience in sales planning of both cross-border and domestic M&A insurance.
Masahiko (“Masa”) Ishida is a Country Managing Partner and head of the Japan corporate group in DLA Piper’s Tokyo office. Masa has a wide range of M&A and Private Equity experience in the Japanese market and abroad over his 20 year career. Masa has led many notable large acquisitions on behalf of his clients across various sectors including consumer goods, technology, finance and life sciences. He has also worked on behalf of governmental agencies and multinational trading companies in Japan.
Masa has been recognized as a leading M&A lawyer by many legal publications and ranking institutions such as Chambers Global and Legal 500. Masa was also recently recognized as one of the “Dealmakers in Asia” for 2020 by Asian Legal Business. Prior to joining DLA Piper, Masa practiced at Mori Hamada & Matsumoto and thereafter at a multinational boutique investment bank in New York.
Masa is a graduate of the University of Tokyo Graduate Schools of Law and Politics and of Columbia Law School where he was a Fulbright Scholar. Masa was also a visiting scholar at the Center on Japanese Economy and Business (CJEB) at Columbia Business School. Masa is admitted to practice law in Japan and NewYork State.
Michiko Kato is a partner at Woven Capital. Michiko’s investments span multiple domains including mobility, automation, smart cities, data and analytics. She led Woven Capital’s investments in Nuro, Ridecell, and WHILL.
A passionate investor and operator of growth-stage businesses, Michiko also serves as an independent director at HENNGE and Excite Holdings, as well as a board observer at Nuro and Ridecell.
Before Woven Capital, Michiko was Chief Financial Officer at ABEJA, Inc. — a market leader in artificial intelligence technology backed by Google, NVIDIA and Salesforce. After joining ABEJA in 2018, Michiko helped establish the company’s corporate functions, including finance, strategy, HR and PR. She also worked at leading investment firms such as Unison Capital, International Finance Corporation and Morgan Stanley.
In 2022, Michiko was named a Top 50 Rising Star by Global Corporate Venturing, which recognizes the industry’s top investors chosen from more than 2,000 corporate venturing units.
Michiko holds an MBA from the Harvard Business School and a B.A. from International Christian University in Tokyo.
Shigeki Kimura, Managing Director, is Japan Head of Government Affairs & Public Policy (GAPP).
GAPP defines BlackRock's public policy priorities in Japan and lead our engagement strategy to shape positive policy outcomes for BlackRock and our clients. Mr. Kimura will expand our engagement in Japan, working with country leadership, L&C, Corporate Strategy, and the client and investment teams, to deliver concrete policy results that enhance market functioning and advance BlackRock's growth objectives in the country. He brings a wide range of public policy and financial services expertise to BlackRock, including leadership roles at top levels of government.
Mr. Kimura spent over 20 years serving the Government of Japan in various senior positions at the Japan Ministry of Finance, Cabinet Secretariat, and international financial institutions covering financial issues. Following his time in government, Mr. Kimura was Managing Executive Officer and Global Head of the Industry Finance Group at the Japan Bank for International Cooperation (JBIC). More recently, he has been a Senior Advisor at Brookfield Asset Management and an Executive Advisor at Japan Post Investment Corporation (JPIC).
Mr. Kimura graduated from the Law Faculty of Tokyo University and is a registered attorney at law. He serves on the Board of Habitat for Humanity Japan.
Hidetaka Kojima started his career as a financial advisor at Daiwa Securities Co. Ltd. and then moved to GCA (Houlihan Lokey). After that, he joined Mitsubishi Corporation in 2011 upon the establishment of the Food Sciences Division and then SHIFT Inc. in 2020. He was also involved in the establishment of SHIFT Growth Capital Inc. and then appointed as a director in March of 2022.
He has been responsible for the planning and execution of M&A/PMI strategy at these companies. Thus, he has over 15 years’ hands-on M&A/PMI experience both in industry and as an advisor. He achieved Japan's No.1 M&A track records among 4,000 listed companies in 2023. He is also a regular speaker at M&A conferences/seminars and frequently contribute to M&A journals.
Hidetaka Kojima completed PLD course (PLDA) at Harvard Business School. He also received an MBA from Hitotsubashi University and earned a BA from Tokyo University of Foreign Studies. He is a certified accountant.
Mr. Maeda currently serves as a deal leader and director for BE FORWARD CO., LTD. in Sunrise IV as well as Worldplus Inc. in Sunrise III. In addition, he serves as the deal leader and director for Lcode Ltd. in Sunrise II. Previously, he served as a deal leader and director for WORLD PARTY CO., Ltd. in Sunrise III and WORLDTOOL Co., Ltd in Sunrise II. In addition, he was a deal member and director/auditor for MIRIVE Co., Ltd. in Sunrise II as well as a deal member and director for Everlife Co., Ltd. in Sunrise I. Prior to joining the Sunrise team in April 2011, he was an Associate on the Japan private equity team at Kohlberg Kravis Roberts & Co. for 2 years. Mr. Maeda began his career at the Investment Banking Division of Nikko Citigroup Limited ("Nikko Citigroup") where he worked on various M&A and capital markets transactions mainly in the Japanese financial services industry. During his tenure at Nikko Citigroup, he also worked on the financial services M&A team at Citigroup Global Markets Inc. (NY). Mr. Maeda holds both B.S. and M.S. degrees in Engineering from Kyoto University.
Hideaki Miyajima (PhD, Waseda University) is professor at Faculty of Commerce, Waseda University. He is currently Executive Vice President (Financial Affairs) at Waseda University, Faculty Fellow at Research Institute of Economy, Trade & Industry (RIETI), and Advisor at Waseda Institute for Advanced Study (WIAS). He has participated in numerous committee and research groups in Japanese government (Ministry of Finance, Ministry of Economy, Trade and Industry). He has also consulted to various institutions including Financial Service Agency, Cabinet Office, Tokyo Stock Exchange, the World Bank. His research covers the analysis of Japanese economy, corporate finance, corporate governance, M&A, and business-government relationship. His work appeared in Review of Financial Studies, Journal of banking and Finance, Corporate Governance: International Journal, Journal of Internal and Japanese Economies, Benchmarking: International Journal, among others. He also published several edited volumes such as Corporate Governance in Japan, Oxford University Press, Changes and Continuity in Japan, Routledge Curzon Press, Policies for Competitiveness, Oxford University Press.
After beginning his career as a lawyer supporting startups, Ryohei Nomoto joined the KDDI Group's Supership Holdings in 2015. As the Head of Corporate Development and a subsidiary executive, he has overseen the development of company-wide strategies, M&A, business development, and policy planning. In 2019, he joined Globis Capital Partners. He is the author of "Successful Alliances: Strategy and Practice" (published by Nihon Jitsugyo Publishing) and more.
Takako is a leader in the Strategy & Corporate Development in Japan. She has more than 20 years of experience developing strategic business models and M&A integration / separation planning for domestic and international clients in wide range of industries. She works primarily with broader Manufacturing and Auto companies on strategy and M&A topics.
Her experience in M&A stretches across the entire process, from strategy and theme definition to target selection, due diligence, synergetic assessment, and post-merger management for both domestic and cross-border transactions.
Prior to joining IBM, she worked for KPMG FAS, Booz Allen Hamilton, GE Capital, and Intel based in the US and Tokyo. She leveraged in-depth knowledge of North American, Asian, and Japanese markets in order to provide astute and productive business consulting to clients. She worked on integration / separation projects for clients across North America, Europe, Asia, and Japan.
Professional Experience
■ Market Assessment, Business Due Diligence, and Visioning & Strategic Planning
Provided assessments of the growth prospects and value creations of the target company through analysis of the overall addressable market and adoption rate as well as target-specific ramp-up issues and challenges.
■ Value-Driven Post-Merger Integrations
Led the overall PMI strategy, Day1 / Day 100 planning, value creation planning, and execution for clients undergoing merger. Included support to attain operational excellence for the continuous improvement of client operations.
■ Separations / Carve-outs
Helped client management teams work through their exit strategy decisions. Conducted separation due diligence to contain carve-out costs and identify savings. Supported structure and run the operational carve-out, IT separation, and divestiture process.
Function and Specialization
Takako is leading the IBM Japan M&A initiatives as part of IBM global transformation activities called “Transform to Glow” focused on strategic partnerships and acquisitions how IBM Consulting Japan collaborates with strategic partners and the broader ecosystem, while also investing in acquisitions to augment capabilities.
Tetsu Onitsuka joined EQT Partners in October 2021 and is a partner in the EQT Private Capital Asia team.
Prior to joining EQT, Tetsu was a founding member and Managing Director of Japan Post Investment Corporation, which managed approximately USD 1 billion in private equity funds. Prior to Japan Post Investment, he worked at TPG Capital for over ten years, ultimately running TPG’s Japan business. He also previously worked as an investment banker at Morgan Stanley in Tokyo.
Tetsu received a Bachelor of Arts with High Distinction from Harvard College, and a Master of Business Administration with High Distinction (Baker Scholar) from Harvard Business School.
Hiroyuki Otsuka is the founder and CEO of Newton Investment Partners, Inc.
Before founding Newton Investment Partners, he was the Deputy Head of Carlyle Japan and Managing Director leading the firm’s carve-out deals. Mr. Otsuka was also head of the General Industries group, and has driven a number of significant transactions and served as a board member at several companies including Chimney Co., Ltd., Tsubaki Nakashima Co., Ltd,. CxS Corporation, and SENQCIA Corporation (formerly Hitachi Metals Techno, Ltd.). He has also led the sourcing of the take private deal of SEIKO PMC CORPORATION, which was a listed subsidiary of DIC Corporation.
Mr. Otsuka has also served as a board director for several of Carlyle Japan’s portfolio companies such as Enewill Inc., Kokusai Kogyo Co., Ltd., TOTOKU INC. (previously a listed subsidiary of Furukawa Electric Co., Ltd.). During his tenure at Carlyle, Mr. Otsuka was committed to creating value for its portfolio companies and supporting their transformation to achieve sustainable growth.
He also served as an independent board member of DeNA Co., Ltd. from 2015 to 2019.
Mr. Otsuka began his career at Sumitomo Bank (currently Sumitomo Mitsui Banking Corporation) in 1992. After returning from post-graduate studies in 1998, he joined Sumitomo Bank’s M&A team and worked on multiple collaborative transactions, including the establishment of a joint venture with Daiwa Securities and arranging an alliance with Lazard.
In 2001, Mr. Otsuka joined Carlyle Japan and was responsible for the industrial sector.
In 2002, he joined Lazard and served as a Director at their New York headquarters as well as in Japan, leading multiple cross border and domestic transactions. He was promoted to Managing Director in 2006.
That same year, Mr. Otsuka, returned to Carlyle Japan, where he continued to work until he founded Newton Investment Partners.
Mr. Otsuka was a member of the “Fair Acquisition” (2023) and “Challenges for M&A in Japan and Case Studies” (2022/2023) study groups formed by the Ministry of Economy, Trade and Industry.
He is a member of Japan Association of Corporate Executives.
Mr. Otsuka received his post-graduate degree from Oxford University and his B.A. from Waseda University.
Experience
His career includes working at of one of the largest Venture Capitals in Japan and as a Business Consultant at one of the worlds largest professional Consulting Firms. Since joining Mercer, he has supported many Japanese clients in large stock acquisitions and multi-national carve out deals.
His latest project experiences are as follows;
- HR program establishment and employee transfer support for a JV establishment of an Energy Company including transfers between the UK and Singapore
- HR Due diligence and pension carve out negotiation support for an asset acquisition of a heavy electric machinery company spanning throughout the world
- Employee transfer, HR program and functionality establishment support for an asset deal spanning in 15 countries headquartered in North America
- Culture due diligence and culture integration support for a European corporation’s acquisition of a Japanese startup
Education
He graduated from Keio University (BA of Chemistry) and from Graduate School of Keio University (MSc. of Chemistry).
Joined J-STAR in January 2015. He made 8 investments in Tokuyama Shokai Group (Demolition work), Toy Factory (Manufacturing and selling recreational vehicles), Dainichi (processing and sale of cultured fish), WEGO (casual apparel), Sanwa Service (sale of cars), ITTY (D2C of health and beauty-related products), Aisei Pharmacy (management of pharmacies), Japan Hospice Holdings (hospice services, TSE Mothers 7061), and executed 3 successful exits.
He designs tailor-made structures to meet the challenges and needs of owners and their companies. During the investment period, he supports the sustainable growth of each portfolio company by strengthening the organizational structure and implementing individual business improvement projects. He is committed to deepening mutual understanding with the management and other stakeholders of each company.
Before joining J-STAR, he worked in the Investment Bank division of Nomura Securities and the Ministry of Economy, Trade, and Industry.
He graduated in political sciences from the Faculty of Law of Keio University. Since 2020, he has been working to diffuse integrated reports as a member of the board of WICI.
Gen Tsuchikawa is the Chairman of Sony Ventures Corporation, where he supports the venture investment arm of Sony Group Corporation known as the Sony Innovation Fund. In this role, he is responsible for strengthening external relationships on behalf of the organization within the venture capital industry and globally through collaborative initiatives with prominent industry associations, corporate venture funds, and venture capitalists. Gen established Sony Innovation Fund on behalf of Sony in 2016. Under his leadership, Sony Innovation Fund greatly expanded its focus on early- to growth-stage emerging technology startups in the entertainment, healthtech, fintech, deeptech and environmental sectors. He also helped to increase the fund’s assets under management to more than $600 million in 2023.
Gen has spent nearly 20 years at Sony, where he also currently serves as a Corporate Vice President. Gen previously served in other various executive roles at Sony, leading Corporate Development, M&A, Business Development, and Investors Relations.
Prior to joining Sony, Gen spent 20 years in the finance industry at Merril Lynch and the Industrial Bank of Japan.
Gen holds a B.A. from Hitotsubashi University in Japan and an M.B.A. from Stanford Graduate School of Business.
Ed heads the Asia based editorial teams for Dealreporter, an M&A news service for merger arbitrage funds, and PaRR, a competition regulatory focused news and database product. He joined Acuris in London in 2007 before moving to Hong Kong in 2014.
Jonathan is a Managing Director [and Co-head of M&A1] at Mitsubishi UFJ Morgan Stanley Securities in Tokyo. Based in Tokyo since 2005, he has advised on Japan-related M&A across various industries for over 20 years, focusing on cross-border transactions. Prior to joining Mitsubishi UFJ Morgan Stanley in 2011, he worked for Nomura Securities in Tokyo and London as well as EY in London. Jonathan graduated from Oxford University in 1999.
Reiji Yoshida is a Tokyo-based reporter covering M&A deals and growth strategies of Japanese companies, mainly those in the industrials sector. He also regularly writes top executive interview stories of Japan-based startups.
Prior to joining Mergermarket in May 2021, he served as Senior Writer / Deputy Manager of the Domestic News Division of The Japan Times, the oldest and largest English-language newspaper of the country. Started his journalistic career in 1993, he has extensive experience of covering Japan-related topics as writer /editor.
Tom Yoshida joined Mitsubishi Chemical Holdings (now Mitsubishi Chemical Group) in 2018 as Executive Officer and has been instrumental to build up M&A team and led to execute acquisitions and divestitures, including large carveout deals, in line with Mid-term growth strategy of the Group.
Since late 1980s, Mr.Yoshida has devoted his career to strategic M&A and PE investments by working for Mitsui & Co. Ltd. for 25 years, save once served as independent Fund manager for Japanese mid-market PE Fund. Stage of his investment experiences covers startups, growth, buyouts, and special situations, while working in Japan, US and other overseas markets.
He holds a BA in Economics from University of Tokyo and an MBA from Wharton School, University of Pennsylvania.