FCM Co., Ltd.

Investment timing: 2018/12
Exit timing: 2023/2
Deal type: Carve-Out
Fund: AG II
Status: Exit

Investment Background

FCM is a listed company (at the time), which operates an electronic functional materials business, which is mainly engaged in metal plating and chemical processing of electronic components, and an electrical functional wire materials business, which is mainly engaged in wire drawing of conductors for electric wires. Aspirant Group invested in the company in the form of a TOB and the company was de-listed in response to the business carve-out needs of its parent company, Furukawa Electric, and FCM’s needs to meet long-term management agenda, including capital investment and R&D.

Post-Investment Activities

Development of Infrastructure

• Development of an accounting management system
• Design/management of meeting structure
• Development of Corporate Infrastructure (Establishment of HR policies)

Rationalization

• Reallocation of Management Resources (Focus on high-profit areas)
• Improvement in Productivity – Cost reductions (Reduction of raw material costs through reduction of defect rate and development of production technology)

Support for Growth

• R&D/Capital Investment (Expansion of production capacity through factory relocation/expansion of production lines)
• R&D/Capital Investment (Development of new processing technologies)