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[October 2009]
Taiyo Pearl Fund Takes Stake in Nippon Ceramic Co
The Taiyo Pearl Fund has accumulated a position in excess of 5% in Nippon Ceramic Co Ltd (Nicera) to become its third largest shareholder. The Taiyo Pearl Fund is known for its cooperative investment style working with senior management to enhance shareholder value.
Brian Heywood, CEO and Managing Partner of Taiyo Pacific Partners, said: "Nicera is a global leader in infrared and ultrasonic sensors and we believe that the role of sensors will only increase in importance in the future. Taiyo has been invested in Nicera for nearly five years and we are increasing our position now as part of our sensor sector investment focus.
“This complements a recent small private equity investment we made in an unlisted thermistor manufacturer. We have been impressed by Nicera's commitment to developing new applications for sensors such as security, auto safety, and energy-efficient air conditioning units, as well as products that could target the hybrid/electric car market. The most exciting years for Nicera lie ahead and we are confident management will continue to create shareholder value."
Wilbur Ross, CEO of WL Ross & Co, added: "The more we learn about Nippon Ceramic, the more convinced we become of the long-term growth prospects for its sensors, despite the present slow down”.
Yoshiharu Taniguchi, President and CEO of Nicera, commented: "We greatly appreciate that Taiyo, a long-term friendly investor, highly values our company. We believe our sensor technology can be applied worldwide to enhance security, safety, comfort and eco-friendly convenience for everyone. We look forward to working further with Taiyo”.
Taiyo Pacific Partners describes itself as a pioneer of friendly, activist investing in Japan. The Taiyo Pearl Fund is the second of three funds managed by Taiyo Pacific Partners and was launched in October 2007 to achieve significant outperformance by investing in publicly listed, Japanese micro-cap companies and private Japanese companies. Taiyo's first fund, the Taiyo Fund is co-managed with WL Ross & Co LLC, and was organised in July 2003 with an initial equity investment of $200 million by CalPERS, the State of California Public Employees Retirement System. Wilbur Ross also serves as an investment committee member of the Taiyo Pearl Fund. Taiyo Pacific Partners currently runs three funds with a total of over $1.7 billion under management. Taiyo Pacific Partners, located in Monterey, California, was founded by bilingual professionals dedicated to friendly shareholder activism in Japan.
ENDS