Naohisa Fukutani

Specialty

M&A Financial Advisory and Corporate Finance

Summary of expertise

Naohisa Fukutani is a Partner in the M&A Advisory practice of PwC Japan, who has more than 30 years of investment banking experience, including M&A advisory, structured finance, LBO/MBO origination, bankruptcy recovery proceedings, corporate turnaround, triangular mergers, developing takeover defense strategy for a number of Tokyo Stock Exchange listed companies, ECM/DCM management, etc.

In addition to deal execution, he focuses on developing key clientele among Japanese corporations through a client-driven approach to build relationships that last longer than a single transaction. He does not focus on any specific industry or sector, but his client coverage includes diverse Japanese blue-chip companies such as Asahi Kasei, Toshiba, Brother Industries, Nisshinbo, Orix, Sumitomo Corporation and Daiwa House.

His more than 25 years M&A advisory career started at The Mitsui Bank (now Sumitomo Mitsui Banking Corporation, SMBC) in the mid-80's. Up until he left SMBC Group, he had worked on executing cross-border transactions in Tokyo (at Sakura Bank), New York (at SMBC), and Singapore (at Daiwa Securities SMBC).

Prior to joining PwC in July 2015, he was a Managing Director with GCA, a Tokyo Stock Exchange listed independent M&A boutique, where he led many cross-border M&A transactions between Japan and the U.S., EU, and Asia in addition to Japanese domestic deals. He also held notable positions at GCA including CEO of its subsidiary in China and a Board member of its Indian entity.

He received MBA from Columbia University (Beta Gamma Sigma), MA of Political Science from Ohio State University, and LLM from University of Tsukuba. He earned his CLA BA degree from International Christian University.

Notable transactions

Cross-border

• Aug 2018: Asahi Kasei’s acquisition of Sage Automotive Interiors in US
• Jan 2018: Daiwa House’s acquisition of Rawson Group in Australia
• Oct 2014: Morito’s acquisition of Scovill Fasteners in US
• Dec 2013: Japan Radio Corp’s acquisition of Alphatron in Netherland
• Sep 2012: Toshiba Machine’s acquisition of L&T Plastic in India
• Jan 2008: Sumitomo Heavy Industries’ acquisition of Demag in Germany
  

Restructuring/Bankruptcy

• Jul 2015: Skymark Airlines – Size of debt: $1 billion – Lead Advisor to the Bankruptcy Trustee
• Dec 2001: P.T. Semen Cibinong (now Holcim Indonesia) – Size of debt: $1.2 billion – Steering Committee Member
• Jun 1997: Crown Leasing Corporation – Size of debt: $12 billion – Lead Advisor to the Bankruptcy Trustee
  

Various

• Jun 2018: Nisshinbo HD’s divestment of foundation brake business to Hosei Brake Industry (Aishin Group)
• Mar 2018: Pocket Card’s delisting and share transfer from SMBC to Itochu
• Jan 2018: Pentel’s equity transfer from founder family to PE fund
• Dec 2017: Aisei Pharmacy’s Management Buyout (MBO)
• Jan 2013: Daiwa House’s acquisition of Fujita Corp
• Nov 2011: Nippon Metal Industry’s merger with Nisshin Steel
• Oct 2010: Toshiba’s sale of its mobile phone business to Fujitsu
  

Publications

• “Asian business risk heightened due to China shock” (Nikkan Kogyo Shimbun, 2016)
• “Unseen risk in Asia that no one talks about” (Nikkan Kogyo Shimbun, 2012)
• “Hostile takeover defence complete manual” (Chuokeizaisha, 2008)
• “White paper on small and medium-sized enterprises M&A” (SME Management Research Association, 2005)