IBU is also seeking opportunities to acquire middle-mar- ket companies with experienced, motivated management teams. On June 8, 2006, IBU closed on the acquisition of Advantage Funding Management, Inc. (Advantage), the auto leasing company of commercial vehicles with the largest market share in NewYork State. With the ad- ditional customers of the auto dealers in NewYork and Massachusetts owned by MAC’s sister company, Marubeni Auto & Construction Machinery America, Inc., Advantage is expected to grow to be a leading auto leasing company in the U.S.
The Bio and New Materials Department within IBU pur- sues investment and business opportunities in emerging industries such as healthcare, biotechnology and material sciences. Its specialty is facilitating the bi-directional flow of technology and business between the U.S. and Japan and Asia. Current activities include private equity invest- ment, partnerships, incubation, joint ventures, technology and product development sponsorships, and marketing and distribution. The Department aims to become a top- tier investor in venture capital and to establish a strategic position in the trans-Pacific technology market.
The Bio and New Materials Department’s private equity investment strategy targets early to mezzanine stage companies with a definite near-term commercialization plan. Investment size is up to $5 million and embraces all areas of biotechnology, nanotechnology, material sciences and other emerging technologies. Its involvement varies from pure investment to something more hands-on and strategic, depending on the project.