7th August 2019
FOR IMMEDIATE RELEASE:

Integral Announces Agreement to Invest in Sanden Retail Systems Corporation
Integral Corporation and SDRS Holdings Corporation (“SDRS HD”), a corporation set up by Integral,are pleased to announce that SDRSHD has reached an agreement to acquire shares of Sanden Retail
Systems Corporation (“Sanden RS”) from Sanden Holdings Corporation (“Sanden HD”; TSE 6444).
Sanden RS is a Japanese retail systems manufacturer with a global footprint in Japan, the United States,
Europe and Asia and has consolidated sales of approximately JPY 70 billion. In the Japanese vending
and freezer/refrigerator showcase markets, Sanden RS holds a leading market position. This is backed by
its nationwide installation and maintenance network, a product line-up using environment-conscious
natural refrigerants, and high manufacturing productivity that utilizes its leading “cell-company
manufacturing system”. In launching new products, the company has seized an opportunity in labor-cost
reduction demand of workplaces and retail stores such as convenience stores. Furthermore, Sanden RS isspearheading innovation in the retail industry by developing “Multi-Module Vendors (MMV)”, whichenable unattended retail sales and automated management of equipment and supplies in various
shapes/temperatures that do not fit in conventional vending machines. Outside of Japan, the company
has been enhancing cross-regional collaboration in order to introduce new products globally, launch
localized products, and improve productivity, thereby addressing increasing demands for cold chains.
Sanden RS aims to grow its business by continuing to increase the competitiveness of its products andby creating new markets with innovative products such as MMV.
The current management team led by Mr. Masuya Mori, Representative Director and President ofSanden RS, will continue to lead the company’s development. Sanden HD will hold a 20% voting right
via an investment in SDRS HD.
Integral, together with the management and employees of Sanden RS, will aim to further grow thecompany’s business. Integral will support the company to strengthen its managerial functions as anindependent company by providing management support through its “i-Engine” function.
Please Contact Integral for Additional Information:
10F, GranTokyo South Tower, 1-9-2 Marunouchi, Chiyoda-ku, Tokyo 100-6610 Japan
Integral Corporation / Integral Partners Corporation
Tel: +81-3-6212-6100 Fax: +81-3-6212-6099
URL: https://www.integralkk.com/en-home/1About Integral
Integral (Representative Directors: Nobuo Sayama and Reijiro Yamamoto) was founded in September
2007 as an independent Japanese private equity company investing in listed and unlisted companies inJapan. “Integral” stands for “integral calculus – accumulation over time” meaning that the company will
strive to establish a relationship of highest trust with the management of invested companies and will
aim to accumulate the highest wisdom over time. Integral makes equity investments from a long-range
perspective through its unique “hybrid investment” approach, utilizing both principal and fund money
for investment. Subsequent to investment, the company will provide optimal support in terms ofmanagement and finance through the “i-Engine” corporate value enhancement team and will collaborate
with the invested company sharing the same objectives and time horizon and seeing eye-to-eye with itsmanagement. Integral aspires to be a trusted investment fund, contributing to society through the successof the invested companies.

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