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Takenaka Partners LLC 

February, 2019 - Japan



Takenaka Partners & Stout Look Abroad for Synergies in Noritz/PB Heat Acquisition


Member firms Takenaka Partners LLC (Los Angeles, CA) and Stout (Chicago, IL) worked closely to unite
Noritz Corporation (TSE:5943) and PB Heat, LLC. Takenaka Partners served as the exclusive financial
advisor to the acquirer, Noritz, while Stout served as the exclusive financial advisor to the acquiree, PB

Although each firm represented its client independently and advocated for each party’s best interests,
this deal would not have been successful without the hard work and cooperation of both sides.
Ultimately, through their efforts, Takenaka Partners and Stout ensured a transaction that was fair and
satisfactory to Noritz and PB Heat.

“I always say that the most fair transaction is one where each party thinks that they could have gotten
just a little bit more,” said Yukuo Takenaka, President & CEO of Takenaka Partners.
Mike Benson, Managing Director at Stout, added, “The combined organization of PB Heat and Noritz will
complement each business’ product offerings and geographies to help them prosper together.”
This transaction exemplifies the ability of World Service Group members to work with each other across
borders and cultures to bring together leading companies that would otherwise not have had a chance
to partner.

PB Heat will continue to operate and market its products independently of Noritz. However, bolstered
by the strong financial backing and technical know‐how of Noritz, both companies will be able to reach
new heights that neither could achieve individually.
Jay Hassel, President and COO of Noritz America, and Doug Shuff, President & CEO of PB Heat, foresee a
strong partnership and “look forward to a bright future as [they] continue to grow together.”

About Takenaka Partners

Takenaka Partners has been a leading provider of investment banking and consulting advisory services
since 1989, specializing in global cross‐border M&A transactions and strategic partnerships.
Through its alliance with the YAMADA Consulting Group Co., Ltd. (JASDAQ:4792), membership in the
World Services Group, and strong connections with the largest Japanese merchant banks, Takenaka
Partners has the reach and influence to facilitate relationships with any major Japanese corporation.
Takenaka Partners has strong relationships throughout Japan and also advises on numerous transactions
throughout North America, Europe, and Asia.

About Stout

Stout is a leading independent provider of Investment Banking, Valuation Advisory, Dispute Consulting,
and Management Consulting services. With 21 offices globally, we serve a range of clients, from large
corporations to privately held companies in numerous industries throughout the world. Our clients and
their advisors rely on our premier expertise, deep industry knowledge, and unparalleled responsiveness
on complex matters. Learn more at stout.com.

Stout is a trade name for Stout Risius Ross, LLC, Stout Advisors SA, Stout Gmbh, Stout Bluepeak Asia Ltd.,
and Stout Risius Ross Advisors, LLC, a FINRA‐registered broker‐dealer and SIPC member firm. The terms
"Stout" or the "firm" refers to one or more of these independent advisory practices.


WSG's members are independent firms and are not affiliated in the joint practice of professional services. Each member exercises its own individual judgments on all client matters.

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