Solution Solution

Spin-off / Carve-out

“I am considering spin-off of a subsidiary or carve-out of a division to focus on core businesses, but do not want to hand it to our competitor”
“I am afraid that we may miss a future growth opportunity due to a lack of the resources provided by the parent company.”

Solution

01

If you want to sell a subsidiary/business division to a buyer other than your competitor, Polaris purchases the subsidiary/business division as sponsor and help it become an independent entity.
Solution

02

Such arrangement can be “Spin-off” where the parent disposes its entire stake or “Carve-out” where the parent keeps a certain percentage of the ownership.
Solution

03

Additionally, Polaris may arrange “Management Buyout (MBO)” where the management team invests their own money in the company as evidence of their commitment to the company.

Features: With the core technologies such as fine coating and high precision lamination, the Company engages in development, design, manufacturing, customer care support of LCD Panel Manufacturing Equipment and other products in and outside of Japan. The Company established solid clients thanks to the reputation as leading market player supported by its stellar technical expertise and high client service standard. It also has considerable growth potential in the areas of ODF Applied Process of which market size is expected to expand, and expansion of Thin Film Coating Systems with the aims to cater to broader technological application to OLED and related areas.

Investment Pattern: Carve-out from Hitachi, Ltd.
Acquisition of the owner’s share

Investment Theme: Polaris will provide to assist the Company to reinforce corporate management structure for smooth transformation into an independent corporation from one of business divisions under Hitachi, Ltd.
The Company aims to achieve strong pioneering position in the industry by leading technological break-through in new business areas including ODF Applied Process, in addition to reinforcing the Company’s top position within global market niche on the back of its capability to provide integrated solutions to clients.

Exit Story

Date of Exit
- September 2022 (date of full exit)
Exit Pattern
- Sell down of shares at the time of listing on the Tokyo Stock Exchange 2nd Section (July 2021) and subsequent sale to two strategic partners in an off-market transaction.
Points of Exit
- In line with the 100-day plan developed jointly with management post-investment, AIMECHATEC successfully transformed its business by promoting the development and sale of manufacturing equipment for advanced packages in the semiconductor packaging field and manufacturing equipment for next-generation displays (e.g. OLED displays) through utilizing its unique advanced technological capabilities, shifting away from manufacturing equipment for LCD panels, which was previously its mainstay product. As a result, AIMECHATEC was listed on Tokyo Stock Exchange 2nd Section in July 2021. After IPO, Polaris decided to transfer its remaining shares to AIMECHATEC’s business partners, with the view that the company would improve its corporate value by accelerating growth through capital and business alliances with its business partners.