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M&A BASE
M&A BASE is a Japanese private equity firm executing buyout and succession transactions across the lower middle market. The firm targets profitable...
M&A BASE
M&A BASE is a Japanese private equity firm executing buyout and succession transactions across the lower middle market. The firm targets profitable small-to-medium enterprises where aging founders lack a successor — a structural demographic imbalance that makes Japan one of the richest succession deal pipelines globally. M&A BASE acquires controlling stakes, stabilizes operations, and retains existing management where possible. The firm's investment committee screens for businesses with defensive market positions, recurring revenue streams, and cash-flow generation sufficient to service acquisition debt. Typical targets operate in business services, niche manufacturing, logistics, and consumer services. M&A BASE structures its acquisitions as majority-control buyouts, often holding companies for 5–7 years while professionalizing back-office functions and expanding management capacity. No fund-level track record, portfolio companies, or co-investors have been publicly disclosed. Team size, AUM, and deployment figures remain unpublished. The firm maintains a single office in Tokyo. M&A BASE does not appear to operate adjacent philanthropic vehicles, real-asset arms, or private club memberships. Recent activity cannot be confirmed from public record. M&A BASE's structural differentiator is pure succession-driven sourcing — a strategy that bypasses auction processes and instead relies on direct origination through regional banks, tax accountants, and local business associations. In a market where 60% of SMEs lack a succession plan, the firm operates as a structured buyer of last resort, converting an owner's retirement event into an institutional ownership transition.
General information
Firm type
Private Equity
Year founded
2019
Location
Region
Asia
Country
Japan
City
Tokyo
Corporate office
Tokyo, Japan
Principals
Naohiro Kojima
Representative Director & Partner
Masaya Ishii
Director
Shinichi Saijo
Founder
Sector focus
Frequently asked questions
How does M&A BASE source deals in Japan's IT M&A market?
M&A BASE sources primarily through the parent group Excite Holdings' internet ecosystem and the professional networks of its leadership. Naohiro Kojima's sell-side M&A intermediary background gives the firm access to succession-mandate IT businesses, while Shinichi Saijo's deep venture capital relationships from WiL and XTech provide buy-side connectivity. The firm's search fund arm also actively originates proprietary deals by identifying owner-operated IT businesses without heirs.
Is M&A BASE an advisory firm, a search fund, or both?
Both. The advisory business runs sell-side and buy-side M&A mandates for IT companies on a success-fee basis. The search fund business uses the firm’s own capital to acquire and operate small-to-medium IT enterprises, particularly those facing succession challenges. The search fund arm functions as a holding company, combining deal sourcing with direct operational control.
What is M&A BASE's relationship to Excite Holdings?
M&A BASE is a subsidiary of Excite Holdings, a Tokyo Stock Exchange-listed internet group taken private in 2018 by Shinichi Saijo's XTech and later re-listed on the Standard Market. Excite Holdings' CFO Masaya Ishii serves as a director of M&A BASE, and founder Saijo is the group CEO, embedding the firm within a publicly traded corporate structure unusual for Japanese M&A intermediaries.
Does M&A BASE disclose assets under management or committed capital?
No. M&A BASE has not publicly disclosed assets under management, committed capital, or total deployment figures. Its advisory business is transaction-driven, while the search fund arm operates with on-balance-sheet capital from the parent group, making standard AUM reporting not applicable.
Which industries does M&A BASE explicitly target?
M&A BASE is IT-industry specialized, targeting internet services across curated and portal media, SaaS, e-commerce and D2C brands, software development, staffing and SES, IT advertising agencies, and consulting firms. The firm operates exclusively in this sector, citing an 'IT industry strong network' as a core differentiator.
What is the typical fee structure for M&A BASE's advisory work?
M&A BASE operates on a fully success-fee basis with no retainer or upfront fees, per the firm's website. The model is designed to lower barriers for owner-operators exploring sale or succession options. Basic enterprise valuation assessments are also offered at no cost.
Who leads investment decisions at M&A BASE?
Representative Director Naohiro Kojima leads the firm's M&A advisory and search fund investment decisions, drawing on experience from SMBC Nikko Securities and a major Japanese M&A intermediary. Founder Shinichi Saijo provides strategic oversight as the architect of the Excite Holdings group, while Director Masaya Ishii manages financial governance through his dual role as parent CFO.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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