Expanded its scale by using aggressive M & A, focusing on stock business -Wil Plus Holdings Co., Ltd.

How did the manager of the growing company, which will be responsible for the next generation, find business opportunities in the era when pinching and chances are mixed, and how did they face?In this special feature, ZUU ONLINE, editor -in -chief Kazunari Tomita, will talk with a growing company manager to provide special dialogue that approaches corporate management stances, charm and growth factors from the perspective of the same manager.

The guest this time is Takashi Narase, President and CEO of Wil Plus Holdings Co., Ltd., a holding company of imported vehicle dealers.It was launched through a total of 10 branded imported car sales networks, listed on JASDAQ in 2016 and TSE First Section in 2018.With the review of the Tokyo Stock Exchange, scheduled for April 2022, the company aims to be listed on the prime market.We talked to Mr. Naruse about the trajectory of the company's growth, core competence, and future concept (coverage, writing, composition = Haruharu Taisho).

(画像=株式会社ウイルプラスホールディングス)成瀬 隆章（なるせ・たかあき） 株式会社ウイルプラスホールディングス代表取締役社長1970年福岡県生まれ。大学卒業後、トヨタ系ディーラーに就職。04年、福岡クライスラーの株式を取得し代表取締役に就任。07年、持ち株会社ウイルプラスホールディングスを設立。08年、チェッカーモータースを子会社化し社長就任(現会長)を機に業容を急拡大。その後もウイルプラスモトーレン、帝欧オート、ウイルプラスアインスを事業譲受および設立し、社長を兼任(現職)。得意とするM&A＋事業再生を過去9度行いながら順調に取扱いブランドと販売エリアを増やし、グループ売上高は設立時30億円から直近の21年6月期には407億円と約10年で10倍以上に。16年に東証ジャスダック市場に上場。17年に東証二部、18年には東証一部と順調にステップアップを果たす。冨田 和成（とみた・かずまさ）株式会社ZUU代表取締役神奈川県出身。一橋大学経済学部卒業。大学在学中にIT分野で起業。2006年 野村證券株式会社に入社。国内外の上場企業オーナーや上場予備軍から中小企業オーナーとともに、上場後のエクイティストーリー戦略から上場準備・事業承継案件を多数手掛ける。2013年4月 株式会社ZUUを設立、代表取締役に就任。複数のテクノロジー企業アワードにおいて上位入賞を果たし、会社設立から5年後の2018年6月に東京証券取引所マザーズへ上場。現在は、プレファイナンスの相談や、上場経営者のエクイティストーリーの構築、個人・法人のファイナンス戦略の助言も多数行う。

Successful to continue to expand the brand with the past 9 degrees M & A

Tomita: Your company handles ALFA ROMEO, FIAT, ABARTH, JEEEP, JEEEP, LANDROVER brands, a checker Motors Co., Ltd., BMW / MINI brands, Wil Plus Motoren Co., Ltd.Wil Plus Ains Co., Ltd. is a business company as a business company, and we have a wide range of imported cars diala businesses.First, please tell us about the changes in the business to date.

Naruse: After graduating from college, I worked for a Toyota dealer, but my father was running a real estate business and used car sales business, so I wanted to start a business someday.Meanwhile, in 2004, he acquired the shares of Fukuoka Chrysler and became the CEO, and in 2007, the holding company, Wil Plus Holdings, was established.In the following year, the company has been expanding its business by implementing a total of 9 degrees M & A after the checker Motors became a subsidiary by acquiring shares.

The choice of imported car dealers was that the domestic production was strongly tied up from the manufacturer, but it was easy to develop business freely, and in the industry, Yanase was already at the lead, but most of the local male.So we thought we might be able to roll up the best in Japan.Also, I wanted to achieve something in the retail business, and it was a great motivation for imported cars to make customers smile.

Tomita: Looking at IR information, you have been doing well since its founding.Imported car businesses have many competitors and are intense competition, but how have they established their dominance?

Naruse: The existing imported car deaer business is a new car sales, but we handle new cars and used cars, sell stock business insurance, etc., and differentiate it.

The dielic business has a high barrier to entry, and in rural areas, it is an industry that is protected as "here if you buy a model of this manufacturer", and you can survive even in a vulnerable financial constitution.We have evolved business models in ourselves for these industry structures.In addition, as I mentioned earlier, the Company has been conducting a total of nine M & A since 2008, and has been expanding its business while reorganizing the industry.

Tomita: Why can M & A continue?I think there are some reasons, such as good financial structure, thick balance sheets, or increasing profitability if you become a subsidiary of another company in your company's mechanism.

Naruse: That's business regeneration.Even in the company that implemented M & A, eight companies have become profitable from the first year, and the remaining one company has been in the black.

Tomita: The fact that there are many competitors in the industry means that there is a strict company, such as lacking financial strength in turn.Your company is penetrating how to fight such a company into a subsidiary and grow.

Naruse: As you said.Since 2008, it has been full -fledged and carried out three companies in many years.It takes two to three years to regenerate in earnest and establish profitability, but we try to sit down.The pace of M & A is just waiting for the timing until the edge is formed and repeats the challenge many times.I have attacked the same company four times, and there have been several negotiations for several years.It's very persistent (laughs), that's my strength.Even now, the project is in my head, and I'm always thinking about moving when the synergy is born.

For example, looking back on the past, we have implemented multiple M & A at the time of the Lehman shock.In order to do it at a reasonable price, you need to consider the time, and you have to avoid grasping at a high price as much as possible.I would like to keep a close attention to the basics, and continue to proceed at the right time.

While the relationship with the car is about to change, we will continue to develop business tailored to the times

Tomita: Realizing multiple cycles that the business regenerates in 2-3 years will be established.It is now a business succession era, and your M & A should work advantageously.

Naruse: Our M & A is important not to send a large amount of people to a subsidiary, but to place one or two staff members, educate and change the company.Therefore, the ability to nurture people is also very important.

Tomita: In recent years, the number of newly registered units of imported vehicles has been in the first half of 300,000 units a year, but it may be affected by the declining birthrate and aging population in the future.

Naruse: The number of ordinary passenger cars during the bubble period was 5.38 million units a year, and last year it was 2.88 million units.However, the number of cars running in the city has increased from 45 million units in 1996 to 61 million units.In recent years, a car equipped with a SIM card has appeared from a connected perspective, so the market for vehicle inspection, maintenance and inspection will be expanded.We are also focusing on stock parts, such as these areas and insurance products including insurance.

Tomita: Mobility, including cars, is likely to change the environment surrounding the industry, such as connected, EV, and autonomous driving.In the future, the use of time in the car will change, and I think that it will become a space for life from mere movement.The use of the user, but the demand does not disappear, so the automotive industry will be required to apply it according to the environment, but if you have been flexible, you will have to clear the issues.

Naruse: I want to be so.In the management judgment, I want to clarify the axis of what to aim for, and take good care of the principles.In my daily management, I value four things: "honesty", "diligent", "wisdom including knowledge and motivation", and "going through", and I want to continue to grow while learning.。

Tomita: As you practice them, you will see your strengths.

Naruse: I did a self -analysis, but I realized that I was better at making 1 or 20 than the creativity of 0 to 1.It is important to use it.However, if you compare it to mountain climbing, it is still the fourth station, and it has grown with the help of others.I would like to keep working on such thoughts in the future.

Tomita: In order to succeed in M & A, including PMI, I really needed to have the power to go through, and I was able to understand that Naruse has such a power in today's dialogue.It is reflected in sales and number of stores.

The feature is that both are implementing M & A that makes them happy.In addition, if you do not improve your profits by changing the business mechanism, you will not be satisfied with the stakeholder because it is a listed company, but I felt that I could regenerate the other party because I sat down.Finally, please tell us about the future concept.

Naruse: I think that the growth of existing businesses can be done.On the other hand, when society changes and connected at sustainable, the surrounding area should be a circle, such as a 5g or 6 g communication environment to enable automatic driving.The automotive industry, such as sharing and carbonization, is required to change, but we want to respond while having the "connecting power".Since the future overlaps and the future is open, we are always thinking that we will continue to learn and grow while recognizing it, and we will achieve big things.

Tomita: The relationship with the car may change, and it may be a society where you can do food, games, or exercise in the car.Even so, you were convinced of the future of the future of the future to develop and provide services.Thank you very much.