J-Star Co., a Tokyo PE firm, has agreed to sell its stake in Iki Iki K.K. to NK Relations Co., a unit of Noritsu Koki Co. Financial terms were not disclosed. Iki Iki K.K., also of Tokyo, is a lifestyle publishing magazine that targets senior females age 50 and up. GCA Savvian Corp. provided financial advice.
This is to announce that our wholly managed and operated investment fund, J-STAR Number One
Investment Limited Partnership, has signed a contract to sell all of the shares of Iki Iki K.K.
(Headquarters: Tokyo, Representative Director: Takao Miyazawa, Website:http://www.e-ikiiki.net/,
“Iki Iki”) that it controls to NK Relations Co., Ltd., a wholly-owned subsidiary of Noritsu Koki Co.,
Ltd. (7744 Tokyo Stock Exchange, Osaka Securities Exchange 1st Section,
http://www.noritsu.co.jp/english/, collectively “Noritsu Koki Group”).
Iki Iki is a lifestyle marketing company, which has developed a strong brand and postion by
focusing its publishing and mail order business on the senior market. In the future, the senior
market is projected to continue expanding, and Iki Iki is expected to continue growing and collecting
The business environment of Noritsu Koki Group is currently in the midst of big changes, and it is
recognized that in order to achieve growth, it is necessary to diversify business operations. After
2010, they went forward with a “Face the NEXT” brand statement, and forged ahead, expanding
their business in areas related to environment, food, medical care, and imaging.
Iki Iki has had excellent results in the senior market, and as the aging population continues to
expand, it is expected to be a major new business for Noritsu Koki Group, a publically traded
company, and continue to grow in the future.
In concluding this contract, we enlisted the assistance of GCA Savvian Corporation as financial
advisors and Baker & McKenzie GJBJ Tokyo Aoyama Aoki Koma Law Office (Gaikokuho Joint
Enterprise) as legal advisors.
J-STAR Co., Ltd. (http://www.j-star.co.jp/en/)
Founded in 2006 as independent Japanese firm, J-STAR is mainly involved in private equity
investments for private companies. Management rights are acquired from the company to undertake
management buyout (MBO) investments that improve corporate value. J-STAR has the following
three standards for investment: (1) a superior management team and staff, (2) ample potential for
increasing added value through the contributions of fund managers and (3) a uniqueness / superiority
of market status and business models. Following these standards, we focus on companies with a
corporate value ranging from 3 billion yen to 10 billion yen. Since its founding, J-STAR invested in
more than 12 transactions in various industries such as consumer goods, B to B/B to C service,
Healthcare, Environment, and Manufacturing.