Originally the company is operated and managed with the intention of IPO, VC wanted to EXIT at this time due to postponement of the listing plan. J-STAR proposed a pseudo TOB to all 85 shareholders and executed an MBO to purchase all shares in coordination with management.

The founder was at the appropriate age to pass the business on to the next generation, and at the time of the MBO, we asked the next generation management team to invest in the company. We also promoted a generational change in key executives by granting stock options.

Acquired additional pharmaceutical advertising agencies, clinical research, and epidemiological research companies with the aim of becoming a business entity that can support pharmaceutical companies’ overall marketing, rather than just staffing MR.