ORCHESTRA MAKES STRATEGIC INVESTMENT IN C-JeS STUDIO

The investment in Korea’s leading comprehensive entertainment company is expected to create tangible synergetic effects in existing drama/VFX production

May 24, 2023

Orchestra Private Equity II (hereinafter referred to as "OPE II"), established by Orchestra Advisors Korea Ltd. (hereinafter referred to as "Orchestra"), has invested in C-JeS Studios Co., Ltd. (hereinafter referred to as "C-JeS Studios") through Vision Holdings Corporation ("Vision Holdings"). The recent move is expected to create synergetic effects between Vision Holdings and C-JeS Studios in the fields of drama/film production and CG/VFX productions. As K-content is gaining traction all over the globe, Vision Holdings will make strategic investments in C-JeS Studios to attract more domestic and foreign investors and bring the sale of Vision Holdings to the surface, which was acquired five years ago.

C-JeS Studios is one of the leading entertainment companies in the domestic content industry. It has produced dramas such as JTBC's "Welcome to Waikiki" and "Lost," SBS's "The Nokdu Flower" and "Switch: Change the World," tvN's "Hometown," "Eve," and "Link," Disney+'s "Casino," and films such as "The Night Owl," which won three Baeksang Arts Awards, and "Citizen of a Kind," which is scheduled to be released this year, solidifying its position as a production house that guarantees well-made, good quality productions. The company also strengthened its content value chain by merging Gulliver Studios, one of its subsidiaries in charge of VFX for Netflix's "Squid Game," in late 2022.

Vision Holdings, which made strategic investments in C-JeS Studios, is making endeavors to expand its business scope to include content development and production, agency and post-production services, advertising production/agency/VFX, and drama and movie production/CG-VFX studios. Starting with the acquisition of 257 Studios, a VFX studio specializing in film and drama productions in 2021, the company continued to acquire Boss Contents, a drama and film content production company comprised of core talents such as famous Korean drama and film producers and screenwriters in 2022. As the only all-round content provider in Korea, Vision Holdings expects that the investment will enable the company to work closely with C-JeS Studios to advance video content and VFX production in various fields such as films and television series on OTT platforms.

About Orchestra Private Equity

Orchestra Private Equity is a cross-border General Partner based in East Asia, which aims to acquire local companies at the smaller end of the middle market and build them into ‘Global Champions’. With main teams in Japan and Korea, and fund management office in Singapore, Orchestra combines a long-term perspective on growth based on intrinsic value of the business, and applies relevant knowledge and experiences required to create equity value. As a General Partner, Orchestra members work with portfolio company management teams to make businesses more valuable through organic growth, geographic expansion, institutionalizing businesses by developing a strong management bench, and add-on acquisitions domestically and globally. Please visit www.orchestraprivateequity.com more information. For inquiry on the press release, please contact information@orchestraprivateequity.com.

About Vision Holdings Corporation

Vision Holdings is an all-round content provider that offers a wide range of services including content development and production, agency services, VFX, CG images, and post-production services to brands, advertising agencies, entertainment companies, and production houses that produces film and television series (including streaming platforms). Vision Holdings has been in business for over 35 years and is located in Seoul with over 100 employees..

About C-JeS Studios

C-JeS Studios is a comprehensive entertainment company, positioning itself as a content creator group ranging from artist management, filmmaking, drama production, VFX CG studios, record production, musical production, and global performance projects. C-JeS Studios is striving to become an entertainment company that delivers joy and excitement through the power of content..

ORCHESTRA PRIVATE EQUITY COMPLETED ITS 1^st ADD-ON ACQUISITION OF “BANOLIM PIZZA”

Acquiring a domestic food materials logistics company, Junsung Food’s asset

October 1, 2022

“Orchestra Private Equity IV, L.P.” (“OPE IV”), established by Orchestra Advisors Korea Limited (“Orchestra”), acquired Jungsung Food Co., Ltd. (“Jungsung Food”) through asset transfer method. Jungsung Food is merged with OPE IV’s portfolio company, Banolim Foods Co., Ltd. (“Banolim Pizza”). The asset acquisition of Jungsung Food was carried out as part of Banolim Pizza's growth strategy to internalize procurement, inventory management, and logistics.

Since the inception of Banolim Pizza, Jungsung Food promoted growth of Banolim Pizza by supporting franchise logistics that included food materials & other goods purchasing, warehousing, and warehouse-to-franchised-stores delivery. Jungsung Food was the back-end outsourcing partner for Banolim Pizza and performed franchised stores logistics through supplying of raw materials backed by its nationwide logistics network.

Through asset transfer of Jungsung Food, Banolim Pizza plans to build an effective 3PL logistics system founded on Jungsung Food’s transferred human resource and tangible assets. Banolim Pizza will integrate and internalize back-end operation to install effective and efficient ordering-purchasing-inventory-management and distribution system to its franchisee network. It has already implemented management information system to support such effort.

Banolim Pizza’s CEO, Justin Ma commented that “Through acquisition of Jungsung Food, Banolim Pizza headquarters can now fully control and strengthen procurement and inventory management. We will further expand the franchise business by building efficient logistics system.”

The closing of the deal marked Orchestra’s first successful implementation of add-on acquisition strategy for Banolim Pizza. LAB Partners served as a legal advisor for this acquisition.

About Orchestra Private Equity

Orchestra Private Equity is a cross-border General Partner based in East Asia, which aims to acquire local companies at the smaller end of the middle market and build them into ‘Global Champions’. With main teams in Japan and Korea, and fund management office in Singapore, Orchestra combines a long-term perspective on growth based on intrinsic value of the business, and applies relevant knowledge and experiences required to create equity value. As a General Partner, Orchestra members work with portfolio company management teams to make businesses more valuable through organic growth, geographic expansion, institutionalizing businesses by developing a strong management bench, and add-on acquisitions domestically and globally. Please visit www.orchestraprivateequity.com more information. For inquiry on the press release, please contact information@orchestraprivateequity.com.

About Banolim Pizza

Banolim Pizza is a delivery-oriented Pizza franchisor founded 2013 with HQ and two factories in Daegu, Korea. The company is the fourth largest Pizza player in Korea and is known for unique topping combinations which are well received among younger customers. Since its inception, the brand quickly grew out of its home city and is now one of Korea’s top Pizza brands with more than 350 franchisees. Please visit www.banolimpizza.com for more information.

About Jungsung Food

Jungsung Food is a food materials logistics company established in 2016 with its HQ and warehouse located in Daegu, Korea. Jungsung Food was the back-end outsourcing partner for Banolim Pizza and performed franchised stores logistics through supplying of raw materials backed by its nationwide logistics network.

ORCHESTRA PRIVATE EQUITY CLOSES FIFTH ADD-ON INVESTMENT TO VISION HOLDINGS

Acquisition of majority stake in Boss Contents, a Korean drama & movie production studio

April 1, 2022

Orchestra Private Equity II, L.P. (“OPE II”), private equity fund established by Orchestra Advisors Korea L.P. (“Orchestra”), is pleased to announce the acquisition of Boss Contents Co., Ltd. (“Boss Contents”) by its portfolio company Vision Holdings Corporation (“Vision Holdings”). The acquisition was executed on April 1, 2022, with Vision Holdings acquiring the majority shares of Boss Contents.

Korea is ranked at the 5th largest OTT (“over-the-top media service”) platform market in the world where the market is addressed by alluring global streaming players including Netflix, Disney+, and Apple TV; and by Korean OTT platform start-ups including Tving, Watcha, and Coupang Play; where all participating players have aggressive investment plans to distribute Korean drama and Korean movies. Also, international appetite of Korean drama and Korean movies are, at large, fast growing in global marketplace thanks to popularity of ‘K-contents’ (Korea made-and-produced contents). Vision Holdings will seek to partner with OTT platform players and directly develop its content through the newly acquired Boss Contents.

Vision Holdings’ acquisition of Boss Contents completes the buy-and-build strategy that was embarked by Orchestra since establishing OPE II in 2018. Orchestra’s investment thesis was based on expanding Vision Holdings’ core TV advertising postproduction service business into adjacent fast-growing businesses. They include VR (“virtual reality”) where OPE entered the market through the acquisition of TWO TOKKI Co., Ltd. in 2019 (exited to Lotte Data System in 2022); VFX (“visual special effects”) and CG (“computer graphics”) imagery service where OPE entered the market through the acquisitions of 257 Studios Co., Ltd. in 2021 and Blink Studios Co., Ltd. in 2020; TV commercial production and ad agency service where OPE entered the market through establishing Play-able Co., Ltd. in 2019; and drama & movie production service where OPE entered the market through the newly acquired Boss Contents. The result of multiple add-on acquisitions has transformed Vision Holdings into a ‘total-solutions creative studio’.

Jay Kim, Partner at Orchestra Private Equity, commented that the “Acquisition of Boss Contents comes at an advantageous timing as the proven track record of Korean contents in the global market is expected to lead to further demand” and further expressed that “Vision Holdings is planning to actively recruit top drama and movie producing talents such as writers and directors”.

The closing of the deal marks OPE II’s 5th successful implementation of add-on acquisition strategy for Vision Holdings. LAB Partners served as legal counsel.

About Orchestra Private Equity

Orchestra Private Equity is a cross-border General Partner based in East Asia, which aims to acquire local companies at the smaller end of the middle market and build them into ‘Global Champions’. With main teams in Japan and Korea, and fund management office in Singapore, Orchestra combines a long-term perspective on growth based on intrinsic value of the business, and applies relevant knowledge and experiences required to create equity value. As a General Partner, Orchestra members work with portfolio company management teams to make businesses more valuable through organic growth, geographic expansion, institutionalizing businesses by developing a strong management bench, and add-on acquisitions domestically and globally. Please visit www.orchestraprivateequity.com more information. For inquiry on the press release, please contact information@orchestraprivateequity.com.

About Vision Holdings Corporation

Vision Holdings is a ‘total-solutions creative studio’. The company provides full range of service including contents development and production, agency service, and VFX, CG imagery, and postproduction services to brand clients, advertisement agencies, entertainment companies, and drama & movie studios including streaming services. The company has more than 35 years of history with more than 100 employees in Seoul, Korea.

About Boss Content

Boss Content is a drama and movie production company with key talents from renowned entertainment companies and studios in Korea. The company has solid project pipeline, serving clients that include global and domestic OTT platforms, general production companies, and movie studios.

ORCHESTRA PRIVATE EQUITY PROCESSES EXIT OF FIRST PLATFORM INVESTMENT

Exit of Japanese headquartered premium golf equipment company, “MAJESTY Golf”

February 11, 2022

Orchestra Private Equity I, L.P. (“OPE I”), private equity fund established by Orchestra Advisors Korea L.P. (“Orchestra”), is pleased to announce the exit of its platform investment MAJESTY Golf K.K. (“MAJESTY Golf” or the “Company”), a global golf equipment manufacturer and distributor with HQ and factory in Tokyo Japan. The company occupies the largest market share in premium golf club segment in Japan, Korea, China, and Southeast Asia.

In July 2017, Orchestra acquired 32% of total shares of MAJESTY Golf and 100% of total shares of MAJESTY Golf Korea Co., Ltd. OPE I was established in Korea with limited partner participation primary from Korean institutions. The investment amounted to KRW 78 billion.

Subsequently, Orchestra ran two successful tender offers to acquire the remaining shares of the Company and, on January 2020, successfully completed delisting of MAJESTY Golf from Tokyo Stock Exchange JASDAQ. Orchestra also fully acquired MAJESTY Golf Taiwan Co., Ltd. from its Taiwanese partner in November 2018.

After attaining 100% of total shares of the entire group companies, Orchestra spun-off the non-core healthcare and supplements business from the Company. Maruman H&B Co., Ltd., a wholly owned subsidiary of MAJESTY Golf, was later sold to a Japanese strategic investor in December 2020.

Under Orchestra’s guideline, MAJESTY Golf was also staffed with a highly professional management team which enabled the transformation into a truly multinational company with bilingual CEO, CFO, CMO, and country heads for the various subsidiaries. This tight one-company policy paved the way to implement key initiatives of Orchestra’s post-acquisition strategies such as aggressive international expansion, improved business planning, and realignment of the entire product portfolio of “MAJESTY” and “maruman” brands under a multiyear product road map.

“The key to the success of the business,” said Jay Kim (Japan Name: Jay Kanehara), Partner at Orchestra, “was being able to build a strong management team that was aligned with Orchestra’s vision, and able to execute on the strategies to develop MAJESTY Golf into a leading global luxury golf brand.”

Tetsuo Nishihara, CEO of the Company, commented that “the management team is happy having worked with Orchestra and the support and resources they have provided to us. We have been able to build a strong global platform and are ready for the next stage of growth with the new partner.”

In February 2022, MAJESTY Golf was exited to a consortium led by Striker Capital Management. Goldman Sachs served as the investment banker to the transaction, Deloitte as the financial & tax advisor, and LAB Partners as the legal counsel.

About Orchestra Private Equity

Orchestra Private Equity (“Orchestra” or “OPE”) is a cross-border General Partner based in East Asia, which aims to acquire local companies at the smaller end of the middle market (“SEMM”) and build them into ‘Global Champions’. Orchestra combines a long-term perspective on growth based on intrinsic value of the business, and applies relevant knowledge and experiences required to create equity value. Orchestra Private Equity works with portfolio company management teams to make businesses more valuable through organic growth, geographic expansion, institutionalizing businesses by developing a strong executive bench, and add-on acquisitions domestically and globally. Please visit www.orchestraprivateequity.com more information. For inquiry on the press release, please contact information@orchestraprivateequity.com.

About MAJESTY Golf

MAJESTY Golf is a global golf equipment manufacturer and distributor with HQ and factory in Tokyo Japan. The company’s MAJESTY Golf brand occupies the largest market share in premium golf club segment in Japan, Korea, China, and Southeast Asia. Please visit www.majesty-golf.com for more information.

Orchestra Private Equity Raised Its 4^TH Fund To Invest In Pizza Brand “Banolim Pizza”

Established Orchestra Private Equity Fund IV, targeting further market penetration in Asia including Southeast Asian countries and Japan

November 3, 2021

Orchestra Advisors Korea Limited (“Orchestra”) established “Orchestra Private Equity IV, L.P.” (“OPE IV”), a single asset fund, to invest in Banolim Food Co., Ltd. (“Banolim Pizza”) that operates “Banolim Pizza Shop”, a local delivery pizza brand. OPE IV was established to invest in Banolim Pizza and Banolim Food Seoul Co., Ltd., the HQ, and its Seoul Branch, respectively. Investors of OPE IV are mainly Korean institutional investors. After the investment, a partnership will be formed with the seller CEO Sungwon Yoon, to maximize investment returns through domestic and overseas expansion and other key initiatives.

Banolim Pizza manufactures key ingredients such as dough and garlic sauce at its own factories located in Daegu, enabling the company to focus intensely on quality control. In addition, Banolim Pizza is continuously investing in R&D and marketing to suit the tastes of the younger generation, the major base of the company’s customers. In 2020, Banolim Pizza launched in-house mobile application; and in 2021, Banolim Pizza significantly increased brand awareness through collaboration via various social media platforms. Recently, Korean K-Pop star ‘IU’ has been selected as the exclusive brand model, exposing the brand now to a variety of age groups.

Currently, Banolim Pizza manages more than 300 franchise stores nationwide. The total sales of the franchise system have been historically growing at more than 25% annually. In 2021, the franchise system revenue is expected to hit KRW 120 billion and is now ranked as the fourth largest player in Korea. Banolim Pizza has grown into a top-ranking company in the pizza industry in less than ten years since establishment.

Jay Kim, Partner at Orchestra Private Equity, commented that “Banolim Pizza started in Daegu, but is now rapidly expanding across the country in just a few years,” and added, “together with Orchestra, we will successfully grow Banolim Pizza to become a leading pizza brand not just in Korea but also in Asia.”

Through the investment in Banolim Pizza, Orchestra established its 4th fund to operate an AUM worth about KRW 250 billion. Deloitte served as financial and tax advisor, LEK Consulting as management consultants, and LAB Partners as legal counsel on the transaction.

About Orchestra Private Equity

Orchestra Private Equity (“Orchestra” or “OPE”) is a cross-border General Partner based in East Asia, which aims to acquire local companies at the smaller end of the middle market (“SEMM”) and build them into ‘Global Champions’. Orchestra combines a long-term perspective on growth based on intrinsic value of the business, and applies relevant knowledge and experiences required to create equity value. Orchestra Private Equity works with portfolio company management teams to make businesses more valuable through organic growth, geographic expansion, institutionalizing businesses by developing a strong executive bench, and add-on acquisitions domestically and globally. Please visit www.orchestraprivateequity.com more information. For inquiry on the press release, please contact information@orchestraprivateequity.com.

About Banolim Pizza

Banolim Pizza is a delivery oriented Pizza franchisor founded 2013 with HQ and two factories in Daegu, Korea. The company is the fourth largest Pizza player in Korea and is known for unique topping combinations which are well received among younger c ustomers. Since its inception, the brand quickly grew out of its home city and is now one of Korea’s top Pizza brands with more than 300 franchisees. Please visit handmadepizza.co.kr for more information.

Vision Holdings Exits Its Subsidiary, Vision VR, to Lotte

Acquired by Lotte Data Communication Company, a subsidiary of the Lotte Group

July 26, 2021

Orchestra Private Equity Fund II, L.P. (“OPE Fund II”), private equity fund established by Orchestra Advisors Korea L.P. (“Orchestra”) is pleased to announce the exit of its investment “Vision VR” (“VVR”) to Lotte Data Communication Company (“LDCC”), a system integrator of the Lotte Group. VVR, formally known as “Two Toki Inc.” was an add-on acquisition to Orchestra’s portfolio company Vision Holdings Corporation (“Vision Holdings”) acquired in July 2018.

After joining Vision Holdings, VVR turned into a leading contents provider with cutting-edge technology. Cooperating with Vision Holdings, the company provided VR contents to telecommunication companies such as KT and LG U+ for the launch of their VR platforms. Additionally, the company also served brand clients such as Hyundai Motors and Mercedes-Benz for marketing and promotion purposes. In 2019, the company successfully launched its own interactive VR movie “Hanabi” in Japan via Sony’s “Playstation VR” platform and in China via the OTT provider “iQIYI”. Moreover, the company developed VR technologies such as compression, interactive system for metaverse contents, and image enhancement. These technologies provide compelling user experience with high-quality VR contents with more accessible data size in variety of network environments.

Jack Oh, Manager at Orchestra, commented that “creating synergy between Vision Holdings and Vision VR was a great journey and very valuable lesson for both companies” and added that “Vision Holdings will further continue its expedition to expand globally its TV commercial production & post-production business along with new media VFX business such as movie, drama, and theme park contents.

The closing of the deal marks Orchestra’s second successful subsidiary exit from platform investments. LAB Partners and KPMG served as advisors.

About Orchestra Private Equity

Orchestra Private Equity (“Orchestra” or “OPE”) is a cross-border General Partner based in East Asia, which aims to acquire local companies at the smaller end of the middle market (“SEMM”) and build them into ‘Global Champions’. Orchestra combines a long-term perspective on growth based on intrinsic value of the business, and applies relevant knowledge and experiences required to create equity value. Orchestra Private Equity works with portfolio company management teams to make businesses more valuable through organic growth, geographic expansion, institutionalizing businesses by developing a strong executive bench, and add-on acquisitions domestically and globally. Please visit www.orchestraprivateequity.com more information. For inquiry on the press release, please contact information@orchestraprivateequity.com.

About Vision Holdings Corporation

Vision Holdings is a global creative studio and service provider to advertisement agencies, entertainment companies, and drama & movie studios. The company has 30 years of experience with 100 employees in Seoul Korea and 40 in Shanghai China and Taipei Taiwan.

About Vision VR

Established in 2017, Vision VR is Korea’s leading VR developer that provides ultra-high-definition VR content. Vision VR executes the entire VR creation process from content development, shooting, image processing, to final production.

Orchestra Private Equity Implements 4th add-on acquisition for Vision Holdings

Acquired majority stake in 257 Studios, a Korea-based VFX studio

May 17, 2021

Orchestra Private Equity Fund II, L.P. (“OPE Fund II”), private equity fund established by Orchestra Advisors Korea L.P. (“Orchestra”) is pleased to announce the acquisition of 257 Studios Co., Ltd. (“257 Studios” or the “Company”) for its portfolio company Vision Holdings Corporation (“Vision Holdings”). The acquisition was executed on May 17, 2021, with Vision Holdings acquiring majority shares of 257 Studios as part of its growth strategy to expand its presence in the drama and movie VFX (“visual effects”) market.

257 Studios is a rising star in the Korean VFX industry with skilled talents and stellar track record from clients that include Netflix and Warner Brothers. The Company is considered as one of the few Korea-based VFX studios that can manage and produce high-quality computer graphics (“CG”) service to block-buster type drama and movie projects, in par with the Hollywood-standards.

After the acquisition, Vision Holdings plans to maximize business synergy through integrating 257 Studies with its CG Business Unit by pooling talents, IT resource, and project pipeline. 257 Studios will continue to focus on composing visual effects using in-house developed production software and providing on site VFX consultancy for drama and movie directors. Vision Holdings’ CG Business Unit will support 257 Studios businesses through offering added resource and providing extra capacity in CG imagery projects and VFX composition works.

Dough Lee, Vision Holdings Head of CG Business unit, commented that the “Acquisition of 257 Studios will further expand growth potential of Vision Holdings’ CG service and create additional revenue streams in movies and dramas with international clients.”

The closing of the deal marks Orchestra’s fourth successful implementation of add-on acquisition strategy for Vision Holdings. LAB Partners based in Seoul Korea served as legal counsels.

About Orchestra Private Equity

Orchestra Private Equity is a cross-border General Partner based in East Asia, which aims to acquire local companies at the smaller end of the middle market and build them into ‘Global Champions’. With main teams in Korea and Japan, and fund management office in Singapore, Orchestra combines a long-term perspective on growth based on intrinsic value of the business, and applies relevant knowledge and experiences required to create equity value. As a General Partner, Orchestra members work with portfolio company management teams to make businesses more valuable through organic growth, geographic expansion, institutionalizing businesses by developing a strong management bench, and add-on acquisitions domestically and globally. Please visit www.orchestraprivateequity.com more information. For inquiry on the press release, please contact information@orchestraprivateequity.com.

About Vision Holdings Corporation

Vision Holdings is a global creative studio and service provider to advertisement agencies, entertainment companies, and drama & movie studios. The company has 30 years of experience with 110 employees in Seoul Korea and 40 in Shanghai China and Taipei Taiwan.

About 257 Studios

257 Studios is a VFX studio based in Seoul Korea. The company is a rising star in the Korean VFX industry with its skilled talents and with its stellar track record with clients.

Orchestra Private Equity implements Corporate Policies

Environment, Social, and Governance (“ESG”) Policy, Compliance Policy, Ethics Policy, and Privacy Policy are Effective January 1, 2021

January 1, 2021

Orchestra Private Equity (“Orchestra”, or “OPE”) have announced the implementation of Orchestra Private Equity ESG Policy (“OPE ESG Policy”), Orchestra Private Equity Ethics Policy (“OPE Ethics Policy”), and Orchestra Private Equity Risk Management Policy (“OPE Risk Management Policy”).

Environmental, social, and governance (“ESG”) issues have an impact on the communities in which Orchestra and its portfolio companies operate. Orchestra believes that incorporating ESG-related principles throughout the investment lifecycle and fund operations supports the firm’s mission of building long-term value for all stakeholders. Also, Orchestra believe that engaging with a well-defined set of investment criteria, which includes ESG considerations, mitigates risk, and helps build long-term value for all stakeholders across the firm’s investment strategies. Orchestra is committed to being responsible stewards of the capital entrusted by investors and will endeavor to support ESG objectives.

Orchestra has also adopted OPE Ethics Policy to implement a policy of strict compliance with the highest standards of ethical business conduct and the provisions of applicable securities laws. OPE Ethics Policy provides guidance to all Orchestra Private Equity personnel and Orchestra’s portfolio company management team regarding ethical business principles. OPE Ethics Policy covers the following topics: Standard of Conduct, Prohibition Against Insider Trading, Outside Business Activities, and Gifts & Entertainment Policy.

Additionally, Orchestra has implemented OPE Risk Management Policy. The purpose of this policy is to implement an adequate risk management system in compliance with the provisions of applicable securities laws or any other relevant regulatory scheme. This Policy provides guidance to all partners, members, and employees of the Firm regarding risk management principles.

All OPE ESG Policy, OPE Ethics Policy, and OPE Risk Management Policy are subject to change and will be reviewed with a frequency of at least once every two years.

About Orchestra Private Equity

Orchestra Private Equity is a cross-border General Partner based in East Asia, which aims to acquire local companies at the smaller end of the middle market and build them into ‘Global Champions’. With main teams in Korea and Japan, and fund management office in Singapore, Orchestra combines a long-term perspective on growth based on intrinsic value of the business, and applies relevant knowledge and experiences required to create equity value. As a General Partner, Orchestra members work with portfolio company management teams to make businesses more valuable through organic growth, geographic expansion, institutionalizing businesses by developing a strong management bench, and add-on acquisitions domestically and globally. Please visit www.orchestraprivateequity.com more information. For inquiry on the press release, please contact information@orchestraprivateequity.com.

Orchestra Private Equity Processes First Exit with Maruman H&B

Maruman H&B, a spin-off of MAJESTY Golf, is sold to Iwaki & Co., a Tokyo Stock Exchange listed company

December 17, 2020

Orchestra Private Equity I, L.P. (“OPE I”), private equity fund established by Orchestra Advisors Korea L.P. and Orchestra Advisors Japan K.K. (“Orchestra”), is pleased to announce its exit of Maruman H&B K.K. (“MH&B”). MH&B was the consumer healthcare goods unit of MAJESTY Golf K.K. (“MAJESTY”) and was spun off as an independent entity in October 2018. MAJESTY has sold MH&B to Iwaki & Co. (TSE: 8095) (“Iwaki”), a Japanese listed company engaged in the developing, supplying, and wholesale of pharmaceuticals, cosmetics, chemicals, and food products, in December 2020.

During Orchestra’s hold, MH&B became a leading distributor of vitamins, minerals & supplements (“VMS”), anti-smoking devices, oral-care goods, and cosmetics in Japan with products sold at over 70,000 retail doors, including drugstore chains, specialty stores, and convenience stores.

“Working with the MH&B team was a great pleasure and we are proud of the results we have achieved as a team.”, said Jay Kim (Japan Name: Jay Kanehara), Partner at Orchestra, and further commented that “we used our cross-border expertise to help launch new overseas brands in Japan and effectively increased revenue”.

In October 2018, Orchestra decided to carve out MAJESTY Golf’s consumer healthcare goods unit into a 100% owned subsidiary. The decision was made for the unit to be able to focus on healthcare and cosmetic products and make independent operational decisions and improvements as a stand-alone business.

MH&B is an example of Orchestra’s long-term perspective on growth through dedication into operational details and cross-border expansion. Iwaki will be able to strengthen its exposure to customers by leveraging MH&B’s vast network of retail doors and supplying products for their products. Orchestra will further focus on its remaining portfolio companies to create value for its investors. Tokyo International Law Office served as legal counsel for Orchestra.

About Orchestra Private Equity

Orchestra Private Equity is an East Asia mid-cap buyout fund that acquires and builds Korea and Japan-based Local Companies into “Global Champions”. The company is a cross-border General Partner with main teams in Korea and Japan; and aims to acquire mid-cap companies to generate superior returns. The team at Orchestra Private Equity combines a long-term perspective on growth orientation with an ability to understand the intrinsic value of a business and the skill, discipline and patience needed to create equity value for its Limited Partners. As a General Partner, Orchestra members work with portfolio company management teams to make businesses more valuable through organic growth, geographic expansion, and add-on acquisitions in domestic and global markets. Please visit www.orchestraprivateequity.com for more information.

About Maruman H&B

Maruman H&B markets and distributes VMS, anti-smoking devices, oral-care goods, and cosmetics in Japan. The company was previously Healthcare Business Unit of MAJESTY Golf K.K. and was spun-off as wholly owned subsidiary in October 2018. MH&B has access to 70,000 retail doors in Japan, including drugstore chains, convenience stores, specialty stores, and consumer electronics retailers. Please visit www.maruman.co.jp for more information.

About Iwaki & Co.

Iwaki & Co. (TSE: 8095) is a Japan-based company primarily engaged in the developing, supplying and wholesale of pharmaceuticals, cosmetics, chemicals, and food products. Please visit www.iwaki-kk.co.jp for more information.

Orchestra Private Equity Closed Add-on Acquisition Deals For OPE Ⅱ Fund “Vision Holdings”

Acquired Taiwanese CG company “Round VFX” and Korean CG company “Blink Pictures” to expand clients

July 01, 2020

Orchestra Private Equity II, L.P. (“OPE II”), private equity fund established by Orchestra Advisors Korea L.P. (“Orchestra”) is pleased to announce two acquisitions of computer graphics imagery producers as add-on acquisitions for its portfolio company Vision Holdings Corporation (“Vision Holdings”): Round VFX Studio, Inc. (“Round VFX”) in Taiwan and Blink Pictures Co., Ltd. (“Blink Pictures”) in Korea. On June 3, 2020, Vision Holdings acquired Round VFX through asset transfer scheme as part of its growth strategy to expand presence in Taiwan and China. Also, on July 1, 2020, Vision Holdings acquired 100% shares of Blink Pictures to expand client group for its CG and VFX services in Korea.

Round VFX, established in 2014, is specialized in the production of computer graphics imagery for TV commercials and movies. Based on its strong market presence in Taiwan, the company gained positive reputation in Greater China and expanded business to blue chip clients including Huawei and Oppo. Orchestra has renamed the company from Round VFX to Vision Taiwan Co., Ltd. (“Vision Taiwan”) and integrated the company to Vision Holdings group. Orchestra expects that there will be a tight integrated relationship between Vision Taiwan and Vision Shanghai (Vision Holdings’ Shanghai-based subsidiary).

Blink Pictures was established in 2017 as a CG visual effects provider for Korean drama and movie projects. The companies’ main clients are studios and media companies. Through acquisition, Vision Holdings expects to diversify customer base and increase revenue stream for its CG business.

Jay Kim, Partner at Orchestra, commented that “Acquisition of Round VFX (now Vision Taiwan) will help Vision Holdings enter into Taiwanese market. Also, the resulting synergy between Vision Taiwan and Vision Shanghai will increase overall enterprise value of the group.” He further explained that “the acquisition of Blink Pictures will create an additional revenue stream for the company as it expands customer base to movies and dramas.”

The closing of the deals marked Orchestra’s second and third successful implementation of add-on acquisition strategy for Vision Holdings. Eternity Law Firm, based in Taipei, Taiwan, and LAB Partners based in Seoul, Korea served as legal counsels for Orchestra.

About Orchestra Private Equity

Orchestra Private Equity is an East Asia mid-cap buyout fund that acquires and builds Korea and Japan-based Local Companies into “Global Champions”. The company is a cross-border General Partner with main teams in Korea and Japan; and aims to acquire mid-cap companies to generate superior returns. The team at Orchestra Private Equity combines a long-term perspective on growth orientation with an ability to understand the intrinsic value of a business and the skill, discipline and patience needed to create equity value for its Limited Partners. As a General Partner, Orchestra members work with portfolio company management teams to make businesses more valuable through organic growth, geographic expansion, and add-on acquisitions in domestic and global markets. Please visit www.orchestraprivateequity.com for more information.

About Round VFX (now Vision Taiwan)

Established in 2014 in Taipei, Taiwan, Round VFX is a computer graphics imagery producer for TV commercials and movie VFX. The company serves clients in Greater China in CGI/VFX/3D through advanced animation and motion graphics technology.

About Blink Pictures

Established in 2017 in Seoul, Korea, Blink Pictures is a CG and VFX provider for Korean drama and movie projects. Especially known for its expertise in VFX for cinema movies, the company quickly gained reputation and is known for its strong track record in the industry

Orchestra Private Equity delisted MAJESTY Golf Japan from JASDAQ

Incorporated MAJESTY Golf Japan as wholly owned subsidiary of MAEJSTY Golf Korea

January 23, 2020

Orchestra Private Equity I, L.P., private equity fund (“OPE I”) established by Orchestra Advisors Korea (“Orchestra”), has officially announced the successful completion of delisting MAJESTY Golf K.K. (“MAJESTY Golf Japan”) from Tokyo Stock Exchange JASDAQ (“JASDAQ”).

On April 2018, OPE I had acquired 51% stake in MAJESTY Golf Japan through tender offer and incorporated it as a subsidiary of MAJESTY Golf Korea Co., Ltd. (“MAJETSY Golf Korea”). Afterwards, on August 2019, OPE I expanded the ownership to 86% through another round of tender offer. The offer price was at JPY 195 per share. On December 2019, at MAJESTY Golf Japan’s regular shareholders meeting, shareholders passed resolution to enter in a squeeze out process.

Subsequently, JASDAQ announced January 22, 2020 to be the official final date of trading common shares of MAJESTY Golf Japan. JASDAQ also announced January 23, 2020 to be the delisting date of the company’s shares.

“This delisting took place at a reasonable and fair price to reflect the needs of the minority shareholders who supported MAJESTY Golf Japan for a long time,” commented Jay Kim (Japan Name: Jay Kanehara), Partner, of Orchestra. “We look forward to enhancing the corporate value through providing our customers with better products and services.”

MAJESTY Golf Korea will purchase the remaining stake of MAJESTY Golf Japan and convert into a wholly owned subsidiary in March 2020. Orchestra expects to improve corporate value, organizational structure, and management efficiency by converting MAJESTY Golf Japan into a wholly owned subsidiary.

About Orchestra Private Equity

Orchestra Private Equity is an East Asia mid-cap buyout fund that acquires and builds Korea and Japan-based Local Companies into “Global Champions”. The company is a cross-border General Partner with main teams in Korea and Japan; and aims to acquire mid-cap companies to generate superior returns. The team at Orchestra Private Equity combines a long-term perspective on growth orientation with an ability to understand the intrinsic value of a business and the skill, discipline and patience needed to create equity value for its Limited Partners. As a General Partner, Orchestra members work with portfolio company management teams to make businesses more valuable through organic growth, geographic expansion, and add-on acquisitions in domestic and global markets. Please visit www.orchestraprivateequity.com for more information.

About MAJEST Golf

MAJESTY Golf is a global Golf equipment manufacturer and distributor with HQ and factory in Tokyo. The company’s MAJESTY Golf brand occupies the largest market share in luxury golf club segment in Japan, Korea, and China. Please visit www.majesty-golf.com for more information.

Phoenixdarts Japan closes add-on acquisition of Kaji Corporation’s carve out of soft-tip darts dealership unit

OPE Ⅲ acquired Kaji Corporation’s carved out darts dealership business unit, and vertically integrates the Japanese soft-tip darts market

December 27, 2019

Orchestra Private Equity III, L.P., private equity fund (“OPE III”) established by Orchestra Advisors Korea L.P. (“Orchestra”), is pleased to announce the acquisition of Kaji Corporation Co., Ltd. (“Kaji”) darts dealership unit. Orchestra acquired Kaji through Phoenixdarts Japan Co., Ltd., a portfolio company of OPE III, utilizing the absorption-type corporate split.

Kaji Corporation is a full-fledged amusement equipment distributer headquartered in Nagoya, Japan. Established in 1984, Kaji is currently the largest independent Karaoke equipment supplier in Japan. Capitalizing on the vast network built through their Karaoke business, Kaji expanded their offerings into the distribution of coin-operated arcade machines, including digital darts, and operation & franchising of internet cafés under their “i café” brand. In September 2019, Kaji Corporation received investments from a private equity fund managed by Advantage Partners, Inc. of Japan.

“We are excited to support further growth of Phoenixdarts Japan through this add-on acquisition. We look forward to working with all stakeholders to further develop our business and the digital darts industry in Japan. Integrating Kaji’s darts portfolio into Phoenixdarts Japan will improve economies of scale. In addition, we will be able to control further downstream of the value chain, allowing more adaptability” commented Jay Kim (Japan Name: Jay Kanehara), Partner, of Orchestra.

This marks the second add-on acquisition of Phoenixdarts since Orchestra’s acquisition in February 2019. Orchestra will efficiently consolidate the newly acquired entity to generate growth in the market. Tokyo International Law Office served as legal counsel for Orchestra.

About Orchestra Private Equity

Orchestra Private Equity is an East Asia mid-cap buyout fund that acquires and builds Korea and Japan-based Local Companies into “Global Champions”. The company is a cross-border General Partner with main teams in Korea and Japan; and aims to acquire mid-cap companies to generate superior returns. The team at Orchestra Private Equity combines a long-term perspective on growth orientation with an ability to understand the intrinsic value of a business and the skill, discipline and patience needed to create equity value for its Limited Partners. As a General Partner, Orchestra members work with portfolio company management teams to make businesses more valuable through organic growth, geographic expansion, and add-on acquisitions in domestic and global markets. Please visit www.orchestraprivateequity.com for more information.

About Phoenixdarts

Phoenixdarts is a global manufacturer and distributor of soft-tip darts machines and host to international darts tournaments. The company maintains the largest global market share at 30,000 machines in 30 countries. Phoenixdarts has headquarter and factory in Korea, and operates subsidiaries in Japan, China, Taiwan, Hong Kong, Malaysia, Singapore, Spain, and USA. Please visit www.phoenixdarts.com for more information.

About Kaji Corporation

Kaji Corporation is a full-fledged amusement equipment distributer and internet café operator & franchisor headquartered in Nagoya, Japan. Established in 1984, the Company is currently the largest independent Karaoke equipment supplier in Japan. Please visit https://kaji-corp.co.jp for more information.

Orchestra Private Equity successfully implements post-acquisition initiatives at OPE Ⅲ fund “Phoenixdarts”

After successful corporate name change to “Phoenixdarts”, OPE Ⅲ acquired Gorilla Entertainment, a Korean soft-tip darts manufacturer and distributor

August 8, 2019

Orchestra Private Equity III, L.P., private equity fund (“OPE III”) established by Orchestra Advisors Korea L.P. (“Orchestra”), is pleased to announce post-acquisition initiatives of Hong International Co., Ltd. and HIC Co., Ltd. that include (i) corporate name change to Phoenixdarts Co., Ltd. (“Phoenixdarts”) and Phoenixdarts Japan Co., Ltd., respectively, and (ii) the acquisition of Gorilla Entertainment Co., Ltd. (“Gorilla Entertainment”) as add-on acquisition.

Corporate name change to Phoenixdarts aims at increasing global brand recognition, by applying the company’s best-selling “Phoenixdarts” branded product name to corporate identity. The name change is also extended to all Phoenixdarts’ overseas entities.

Also, Orchestra successfully acquired Gorilla Entertainment, a Korean soft-tip darts competitor. The company was established in 2011 and started as a computer games studio which later transformed itself into darts manufacturer. The company produces and distributes “Gorilla Darts” branded darts machines including “Gorilla Darts LED” for non/light-users and “Gorilla Darts Kids” for younger age players. With its ability to target specific customer groups, Gorilla Entertainment grew into one of the significant players of the Korean soft-tip darts industry.

“Gorilla Entertainment controls 300 shops in Korea. The add-on acquisition will help to further strengthen Phoenixdarts’ position as market leader in Korea and increase overall value of the company” said Jay Kim (Japan Name: Jay Kanehara), Partner at Orchestra.

Through merger with Gorilla Entertainment, Phoenixdarts will increase darts machines in operation to total of 6,000 in Korea. LAB Partners served as legal counsel for Orchestra.

About Orchestra Private Equity

Orchestra Private Equity is an East Asia mid-cap buyout fund that acquires and builds Korea and Japan-based Local Companies into “Global Champions”. The company is a cross-border General Partner with main teams in Korea and Japan; and aims to acquire mid-cap companies to generate superior returns. The team at Orchestra Private Equity combines a long-term perspective on growth orientation with an ability to understand the intrinsic value of a business and the skill, discipline and patience needed to create equity value for its Limited Partners. As a General Partner, Orchestra members work with portfolio company management teams to make businesses more valuable through organic growth, geographic expansion, and add-on acquisitions in domestic and global markets. Please visit www.orchestraprivateequity.com for more information.

About Phoenixdarts

Phoenixdarts is a global manufacturer and distributor of soft-tip darts machines and host to international darts tournaments. The company maintains the largest global market share at 30,000 machines in 30 countries. Phoenixdarts has headquarters and factory in Korea, and operates subsidiaries in Japan, China, Taiwan, Hong Kong, Malaysia, Singapore, Spain, and USA. Please visit www.phoenixdarts.com for more information.

About Gorilla Entertainment

Gorilla Entertainment is a Korean manufacturer and distributor of “Gorilla Darts” branded soft-tip darts machines. The company started in 2011 as a computer games studio and transformed itself to become a significant soft-tip darts manufacturer in the Korean darts industry. Please visit www.gorilladart.com for more information.

Orchestra Private Equity raised its 3rd fund to acquire Hong International and HIC in Korea and Japan

Established “Orchestra Private Equity Ⅲ” and executed buyout of Hong International Co., Ltd. and HIC Inc., the largest global manufacturer and distributor of soft-tip darts machines under “Phoenixdarts” brand

January 31, 2019

Orchestra Private Equity Ⅲ, L.P., private equity fund (“OPE Ⅲ”) established by Orchestra Advisors Korea L.P. (“Orchestra”), is pleased to announce the acquisition of 86.3% of total shares of Hong International Co., Ltd. (“HI”) in Korea and 86.3% of total shares of HIC Inc. (“HIC”) in Japan. HIC is exclusive Japan distributor of HI. OPE Ⅲ was established in Korea with limited partner participation from Korea and Japan. The total transaction volume of the deal is at KRW 122 billion (or about USD 109 million) where fund size equity investment amounted to KRW 72 billion (or about USD 64 million) and debt financing amounted to KRW 50 billion (or about USD 44 million). The deal closed on January 31, 2019.

HI and HIC were established in Seoul, Korea in 2009 and Tokyo, Japan in 1999. The companies manufacture and distribute “Phoenixdarts” brand soft-tip darts machines, which feature automated scoring, online gaming, and valueadd membership services. Through superior product quality and marketing, “Phoenixdarts” machines quickly gained popularity in Japan and Korea, and HI grew to become a global key player operating 27,000 machines in 27 countries including Japan, Korea, China, Taiwan, Malaysia, Singapore, Spain, Portugal, Germany, and US. HI also regularly hosts international tournaments and professional leagues for promotional purposes. Its sophisticated tournament systems have received positive recognition from consumer groups, resulting in rapid increase of global membership subscriptions.

Orchestra Private Equity plans to maximize shareholder value by implementing revenue expansion strategies in core Japan, Korea, and Southeast Asia markets through introduction of new products and services. Orchestra also plans to expand into new markets with focus on Europe and USA that are still dominated by traditional corkboard-based darts.

“Orchestra is excited to partner with HI, the industry leader with strong foundations in Asia and wonderful growth potential in Europe and US” said Jay Kim, Partner at Orchestra Private Equity. He further commented that “HI’s global scalability fits perfectly with Orchestra’s investment thesis which aims to invest in Korean and Japanese midcap companies that can grow into “Global Champions”. In addition, “Orchestra was drawn to HI because of its outstanding financial performance with high EBITDA margin through their globally recognized “Phoenixdarts” brand supported by a wide and dedicated customer base. Also, stable cash flow has been generated from soft-tip darts machines installed globally, through rental business model. It was attractive for financial investors”.

HI marks the third buyout deal for Orchestra Private Equity, reaching now to total fund size of USD 200 million. Deloitte served as financial and tax advisor, LAB Partners and Hibiya Nakata served as legal counsel, and L.E.K. Consulting served as management consultant on the transaction.

About Orchestra Private Equity

Orchestra Private Equity is an East Asia mid-cap buyout fund that acquires and builds Korea and Japan-based Local Companies into “Global Champions”. The company is a cross-border General Partner with main teams in Korea and Japan; and aims to acquire mid-cap companies to generate superior returns. The team at Orchestra Private Equity combines a long-term perspective on growth orientation with an ability to understand the intrinsic value of a business and the skill, discipline and patience needed to create equity value for its Limited Partners. As a General Partner, Orchestra members work with portfolio company management teams to make businesses more valuable through organic growth, geographic expansion, and add-on acquisitions in domestic and global markets. Please visit www.orchestraprivateequity.com for more information.

About Hong International Co. Ltd.

Hong International Co. Ltd. is a global manufacturer and distributor of soft-tip darts machines and host to international darts tournaments. The company maintains the largest global market share at 27,000 machines in 27 countries. HI has headquarters and factory in Korea, and operates subsidiaries in Japan, China, Taiwan, Hong Kong, Malaysia, Singapore, and USA. Please visit www.phoenixdarts.com for more information.

Orchestra Private Equity launches key initiatives at SEOULVISION Co., Ltd.

Completed corporate name change and transformed the company into holding company structure

January 17, 2019

Orchestra Private Equity Ⅱ, L.P., private equity fund (“OPE Ⅱ”) established by Orchestra Advisors Korea LP. (“Orchestra”), is pleased to announce significant corporate initiatives effective January 17, 2019 at SEOULVISION Co., Ltd. (“SEOULVISION”) including corporate name change to Vision Holdings Corporation (“Vision Holdings” or “Company”) and transforming the company into holding company structure.

SEOULVISION's corporate name is changed to Vision Holdings to better match with the company’s goal to expand beyond the core Korea market to China and other Asian markets; and also to expand beyond the core TV commercial post production service to computer graphics (CG) imagery service, visual special effects (VFX) imagery service, and TV commercial & online advertisement production business.

The name change also reflects the Company’s transformation into a holding company structure. Under Vision Holdings, there are now 5 wholly owned subsidiaries. Namely, Vision Commercial (spin-off of SEOULVISION), Vision CG (spin-off of SEOULVISION), Play-able (spin-off of SEOULVISION), Vision VR (formerly TWO TOKKI Co., Ltd. which was acquired in July 31, 2018), and Vision Shanghai (formally SEOULVISION’s Shanghai Office in China). Korea-based units are relocated to a new building housed in Seoul’s Gangnam district.

Jay Kim, Partner at Orchestra Private Equity, commented that, ”the initiatives announced will provide Vision with the ability to strengthen its core post-production offerings and offer new services which will allow us to enter into new digital media markets with ease and certainty”.

About Orchestra Private Equity

Orchestra Private Equity is an East Asia mid-cap buyout fund that acquires and builds Korea and Japan-based Local Companies into “Global Champions”. The company is a cross-border General Partner with main teams in Korea and Japan; and aims to acquire mid-cap companies to generate superior returns. The team at Orchestra Private Equity combines a long-term perspective on growth orientation with an ability to understand the intrinsic value of a business and the skill, discipline and patience needed to create equity value for its Limited Partners. As a General Partner, Orchestra members work with portfolio company management teams to make businesses more valuable through organic growth, geographic expansion, and add-on acquisitions in domestic and global markets. Please visit www.orchestraprivateequity.com for more information.

About Vision Holdings Corporation

Vision Holdings is a media post-production and digital imagery solutions service provider to advertisement agencies, entertainment companies, and movie studios. The company has 30 years of experience with 100 employees in Seoul and 50 in Shanghai. Please visit www.visionholdingscorp.com for more information.

Orchestra Private Equity implements key initiatives at Maruman & Co., Ltd.

Completed corporate name change, company split of the healthcare business, and acquired Maruman Taiwan to add investment value

November 5, 2018

Orchestra Private Equity Ⅰ, L.P., private equity fund (“OPE Ⅰ”) established by Orchestra Advisors Korea L.P. (“Orchestra”), is pleased to announce significant corporate initiatives effective October, 2018 at Maruman & Co., Ltd. (“Maruman Japan”), Maruman Korea Co., Ltd. (“Maruman Korea”), and its affiliates (collectively “Maruman”) including (ⅰ) corporate name change to MAJESTY Golf; (ⅱ) company split of the healthcare business of Maruman & Co., Ltd.; and (ⅲ) acquisition of Maruman Taiwan Co., Ltd.

Maruman’s corporate name is unified globally to “MAJESTY” as part of the fundamental brand strategy implemented by Orchestra. The company has preserved its previous corporate name for over 40 years since its inception and continues to have significant presence primarily in the Japanese and Korean markets, most recognized by its flagship MAJESTY product line. Historically, MAJESTY products have been the company’s essential line of business and recognized globally as one of the most prestigious luxury golf club brands. Thus, in efforts to enhance global recognition and international growth, Orchestra views “MAJESTY Golf” to be a more fitting corporate name. Moving forward, company will rebrand itself as a true luxury brand starting from October 1, 2018.

In addition to the corporate name change, MAJESTY Golf’s healthcare unit is split as a 100% owned subsidiary named Maruman H&B Co., Ltd. (“MH&B”) effective October 1, 2018. The healthcare unit, which has been growing consistently in recent years, will continue to be an integral part of the company. However, synergies were not being realized between the golf equipment and healthcare & beauty businesses, since they operate in and target distinct segments. This company split is intended to unlock further MAJESTY shareholder value by allowing MH&B to make independent investment decisions and operational improvements as a stand-alone profit center.

Orchestra also led the process in MAJESTY Golf’s acquisition of Maruman Golf Corporation from a local Taiwanese partner. Maruman Taiwan started as a joint venture between Maruman Japan and the Taiwanese partner in 2008 with 49% and 51% stake respectively. Taiwan serves as one of the key markets for MAJESTY, and this acquisition allows Orchestra to have control over the Taiwanese operations to realize synergies. Furthermore, this buyout will improve coordination between MAJESTY Golf and Maruman Taiwan. With the acquisition of Maruman Taiwan, the company now has presence in 6 regions globally, including Japan, Korea, China, Taiwan, Hong Kong and the United States.

About Orchestra Private Equity

Orchestra Private Equity is an East Asia mid-cap buyout fund that acquires and builds Korea and Japan-based Local Companies into “Global Champions”. The company is a cross-border General Partner with main teams in Korea and Japan; and aims to acquire mid-cap companies to generate superior returns. The team at Orchestra Private Equity combines a long-term perspective on growth orientation with an ability to understand the intrinsic value of a business and the skill, discipline and patience needed to create equity value for its Limited Partners. As a General Partner, Orchestra members work with portfolio company management teams to make businesses more valuable through organic growth, geographic expansion, and add-on acquisitions in domestic and global markets. Please visit www.orchestraprivateequity.com for more information.

About MAJEST Golf

MAJESTY Golf is a global Golf equipment manufacturer and distributor with HQ and factory in Tokyo. The company’s MAJESTY Golf brand occupies the largest market share in luxury golf club segment in Japan, Korea, and China. Please visit www.majesty-golf.com for more information.

Orchestra Private Equity closed add-on acquisition deal for OPE Ⅱ fund

Acquired TWO TOKKI, VR specialized technology & content developer, as SEOULVISION’s wholly owned subsidiary to add investment value

July 31, 2018

Orchestra Private Equity Ⅱ, L.P. (“PEF”), private equity fund established by Orchestra Advisors Korea L.P. (“Orchestra”) is pleased to announce the acquisition of TWO TOKKI, Inc. (“TWO TOKKI”), as an add-on acquisition for its portfolio company SEOULVISION Co., Ltd. (“SEOULVISION”). Orchestra acquired 100% of total shares of TWO TOKKI, incorporating the Company into SEOULVISION as a wholly owned subsidiary.

TWO TOKKI, founded by a team of veterans each with 15+ years of experience in game development and video production, is a VR specialized technology and contents developer. Leveraging on its original technology and skilled personnel, the Company produces VR contents entirely inhouse, from filming, editing, to computer graphics application. Its published VR contents are renowned for high-definition high-quality video and user-interactivity. Based on these strong foundations, TWO TOKKI successfully formed broad array of strategic partnerships with reputable companies in Korea, Japan, and Europe.

“It is encouraging that the first add-on acquisition is concluded few months after Orchestra’s acquisition of SEOULVISION.” commented Jay Kim, Partner of Orchestra. “We will generate synergy by fully utilizing the versatility of VR contents and expand our business area, building on our efforts to increase investment value of the company,” Mr. Kim added.

Donggyu Kim, the President of TWO TOKKI, notes that the Company’s unique technology will generate synergy with SEOULVISION. “While VR industry is growing at a remarkable rate and global tech companies including Samsung and Google are aggressively expanding VR business, overall quality of VR contents is surprisingly mediocre. With superior contents development skills and unrivaled ultra-high definition video technology, TWO TOKKI is expected to become a pioneer in VR contents market. Moreover, as 2D and 3D/CG effects are mainly required in VR contents, TWO TOKKI can collaborate with SEOULVISION to create high-quality VR contents in a very efficient way.” commented Mr. Kim.

Closing of the deal marked Orchestra’s successful implementation of add-on acquisition strategy in just 5 months since acquiring SEOULVISION on February 2018. Mr. Kima Kim will continue to lead TWO TOKKI as the subsidiary’s President. LAB Partners served as legal counsel for Orchestra.

About Orchestra Private Equity

Orchestra Private Equity is an East Asia mid-cap buyout fund that acquires and builds Korea and Japan-based Local Companies into “Global Champions”. The company is a cross-border General Partner with main teams in Korea and Japan; and aims to acquire mid-cap companies to generate superior returns. The team at Orchestra Private Equity combines a long-term perspective on growth orientation with an ability to understand the intrinsic value of a business and the skill, discipline and patience needed to create equity value for its Limited Partners. As a General Partner, Orchestra members work with portfolio company management teams to make businesses more valuable through organic growth, geographic expansion, and add-on acquisitions in domestic and global markets. Please visit www.orchestraprivateequity.com for more information.

About SEOULVISION

SEOULVISION is a media post-production and digital imagery solutions service provider to advertisement agencies, entertainment companies, and movie studios. The company has 30 years of experience with 80 employees in Seoul and 30 in Shanghai. Please visit www.visionholdingscorp.com for more information.

About TWO TOKKI

Established in 2017, TWO TOKKI is Korea’s leading VR specialized developer whose capabilities encompass full range of VR business from content development to shooting, editing, programming, producing, UI design, VFX, motion graphics, and CG animation. Its business also includes VR video platform service, development and production of ultra-high definition VR videos, and development and production of VR interactive games. Please visit www.visionholdingscorp.com for more information.

Orchestra Private Equity secured 51% of shareownership of Maruman Japan through tender offer

Acquired additional 18% stake in the JASDAQ-listed company

April 5, 2018

Orchestra Private Equity I, L.P., private equity fund (“OPE I”) established by Orchestra Advisors Korea L.P. (“Orchestra”), is pleased to announce the successful completion of tender offer for 18% of JASDAQ-listed (7834) Maruman & Co., Ltd.’s (“Maruman Japan”) common stock subsequent to the acquisition of 33% stake in July 2017. OPE I launched the tender offer on February 15, 2018, and as of March 30, 2018, the expiry date, 3,165,000 shares were validly tendered at total of JPY 934 million (or at USD 8.4 million).

OPE I financed the tender offer entirely through debt of Maruman Korea Co., Ltd. (“Maruman Korea”), Maruman Japan’s exclusive Korean distributor which is wholly owned by Orchestra, without any additional equity funding. As a result, Orchestra now holds a controlling 51% interest in Maruman Japan effectively, incorporating Maruman Japan as its subsidiary.

“Thanks to the successful completion of the tender offer, Orchestra is in a better position to execute key investment strategies,” explained Jay Kim (Japan Name: Jay Kanehara), Orchestra’s Partner. “Now we can shift focus from short-term stock performance to mid to long term growth, enabling more aggressive investments in the company.”

“Maruman Japan is looking forward to realizing greater synergy through enhanced cooperation between Maruman Japan and Maruman Korea,” commented Jay Kim. “We expect to achieve efficiency through resource sharing and product portfolio alignment.”

Yuanta Securities provided financing to Maruman Korea, with Mita Securities as general account manager and Hibiya Nakata as legal counsel.

About Orchestra Private Equity

Orchestra Private Equity is an East Asia mid-cap buyout fund that acquires and builds Korea and Japan-based Local Companies into “Global Champions”. The company is a cross-border General Partner with main teams in Korea and Japan; and aims to acquire mid-cap companies to generate superior returns. The team at Orchestra Private Equity combines a long-term perspective on growth orientation with an ability to understand the intrinsic value of a business and the skill, discipline and patience needed to create equity value for its Limited Partners. As a General Partner, Orchestra members work with portfolio company management teams to make businesses more valuable through organic growth, geographic expansion, and add-on acquisitions in domestic and global markets. Please visit www.orchestraprivateequity.com for more information.

About Maruman

Maruman is a global Golf equipment manufacturer and distributor with HQ and factory in Tokyo. The company’s MAJESTY Golf brand occupies the largest market share in luxury golf club segment in Japan, Korea, and China. Please visit www.majesty-golf.com for more information.

Orchestra Private Equity closed its 2nd buyout deal

Established “Orchestra Private Equity Ⅱ” and acquired SEOULVISION, Korea’s leading post-production service provider with significant presence in China

February 23, 2018

Orchestra Private Equity Ⅱ, L.P., private equity fund established by Orchestra Advisors Korea L.P. (“Orchestra”), is pleased to announce acquisition of 87% of total shares of SEOULVISION Co., Ltd. (“SEOULVISION”). The private equity fund was established in Korea with limited partners comprised of Korean institutions. The deal was closed on February 23, 2018, and the investment amounted to KRW 61 billion (approximately USD 56 million).

SEOULVISION was established in Seoul in 1986, is Korea’s leading post-production service provider focused mainly on TV commercials. SEOULVISION can provide full scope post-production service (editing, online compositing, 3D/CG effects, color grading, and audio) and has completed more than 30,000 TV commercial projects. Leveraging on its wide range of service and a long history of building trusted relationship with advertisers, ad agencies and directors, SEOULVISION has successfully positioned itself as one of Korea leading service providers. On the back of strong business in Korean market, SEOULVISION established a subsidiary in Shanghai, China in 2016. Despite short business history, Shanghai subsidiary grew as one of top 5 post-production service providers in China.

To maximize shareholder value, Orchestra will play an active role in expanding revenue through recruitment of revenue-generating talents, add-on acquisitions in relevant business areas, exploring new business areas including full-featured movies and online ads, and China localization and global expansion.

“Orchestra is excited to partner with SEOULVISION,” commented Jay Kim, Orchestra’s Partner. “American, European, and Japanese post-production service markets went through significant industry consolidation, whereas Korean market is still fragmented,” Mr. Kim explained. “Through talent recruiting and add-on acquisitions, SEOULVISION will be able to rapidly expand market share and consolidate the industry segment it participates in.”

SEOULVISION marks the 2nd buyout deal for Orchestra since its acquisition of Maruman & Company K.K. (Japan) and Maruman Korea Co., Ltd. in July 2017. Deloitte served as financial, tax and IT advisor for Orchestra on the transaction, with KL Partners as legal counsel and T-Plus as management consultant.

About Orchestra Private Equity

Orchestra Private Equity is an East Asia mid-cap buyout fund that acquires and builds Korea and Japan-based Local Companies into “Global Champions”. The company is a cross-border General Partner with main teams in Korea and Japan; and aims to acquire mid-cap companies to generate superior returns. The team at Orchestra Private Equity combines a long-term perspective on growth orientation with an ability to understand the intrinsic value of a business and the skill, discipline and patience needed to create equity value for its Limited Partners. As a General Partner, Orchestra members work with portfolio company management teams to make businesses more valuable through organic growth, geographic expansion, and add-on acquisitions in domestic and global markets. Please visit www.orchestraprivateequity.com for more information.

About SEOULVISION

SEOULVISION is a media post-production and digital imagery solutions service provider to advertisement agencies, entertainment companies, and movie studios. The SEOULVISION has 30 years of experience with 80 employees in Seoul and 30 in Shanghai. Please visit www.visionholdingscorp.com for more information.

Orchestra Private Equity closed its 1st acquisition in Japan and Korea

Successfully established “Orchestra Private Equity Ⅰ” and executed buyout of Maruman, a global golf equipment manufacturer and distributor, in both Japan and Korea

July 7, 2017

Orchestra Private Equity Ⅰ, L.P., private equity fund (“OPE Ⅰ”) established by Orchestra Advisors Korea L.P. (“Orchestra”), is pleased to announce acquisition of 32% of total shares of Maruman & Co., Ltd. (“Maruman”) and 100% of total shares of Maruman Korea Co., Ltd. (“Maruman Korea”). OPE Ⅰ was established in Korea with limited partner participation primary from Korean institutions. The investment amounted to KRW 78 billion (or about USD 70 million) and the deal closed on July 7, 2017.

Maruman, established in Tokyo in 1971 and listed on JASDAQ, manufactures and distributes “MAJESTY” brand golf equipment which occupies the largest market share in high-price luxury golf club segment in Japan and Korea. The company also participates in mid/low price volume segments through “Shuttle” and “Gold” brands. Also, Maruman Korea, established in Seoul in 2003, is the exclusive Korean distributor of Maruman golf equipment. Maruman Korea has outperformed the market over the last 5 years growing at an average of 12% CAGR.

Orchestra Private Equity plans to support Maruman’s growth by expanding its luxury “MAJESTY” golf brand through building differentiated premium customer and distributor relationships, entering adjacent semi-luxury golf club segment, and growing internationally through expanding customer base including Greater China and USA.

“Orchestra is excited to partner with Maruman, which we see as a perfect match given Orchestra’s investment thesis which aims to invest in Korean and Japanese mid-cap companies that can be scaled out geographically,” said Jay Kim, Orchestra Partner. “Tighter synergy could be formed between two Maruman companies, and we are delighted that we can put our Japan-Korea expertise to work.”

Maruman marks the 1st acquisition for Orchestra Private Equity. KPMG served as financial advisor for Orchestra on the transaction, with KL Partners and Hibiya Nakata as legal counsels.

About Orchestra Private Equity

Orchestra Private Equity is an East Asia mid-cap buyout fund that acquires and builds Korea and Japan-based Local Companies into “Global Champions”. The company is a cross-border General Partner with main teams in Korea and Japan; and aims to acquire mid-cap companies to generate superior returns. The team at Orchestra Private Equity combines a long-term perspective on growth orientation with an ability to understand the intrinsic value of a business and the skill, discipline and patience needed to create equity value for its Limited Partners. As a General Partner, Orchestra members work with portfolio company management teams to make businesses more valuable through organic growth, geographic expansion, and add-on acquisitions in domestic and global markets. Please visit www.orchestraprivateequity.com for more information.

About Maruman & Co., Ltd.

Maruman & Co., Ltd. is a global Golf equipment manufacturer and distributor with HQ and factory in Tokyo. The company’s MAJESTY Golf brand occupies the largest market share in luxury golf club segment in Japan, Korea, and China. Please visit www.majesty-golf.com for more information.