Spica Consulting Announces New Representative Director, President & CEO Appointment

Spica Consulting Co., Ltd. ("Spica Consulting"), a group company of GA Technologies Co., Ltd. [GA technologies] (Head Office: Minato-ku, Tokyo; President and CEO: Ryu Higuchi; Stock Code: 3491), which provides "Value-Up Consulting" to maximize corporate value and "Industry-Specific M&A," announced that Tsunero Watanabe (渡部 恒郎) has been newly appointed as Representative Director, President & CEO, effective April 1, 2026 (Wednesday). Under the new management structure, the company aims to improve the overall business to top domestic quality and contribute to the development of the Japanese economy by supporting the growth of small and medium-sized enterprises. Toshio Nakahara (中原 駿男), who previously served as Representative Director, will change his title to Representative Director COO and continue to engage in the planning and execution of business strategies at Spica Consulting. ◆ New Appointments | Name | New Position | Date of Appointment | |---------------|-------------------------------|---------------------| | Tsunero Watanabe | Representative Director, President & CEO | April 1, 2026 | ◆ Change in Position | Name | New Position | Former Position | |--------------|------------------------------------------------|---------------------| | Toshio Nakahara | Representative Director COO (Chief Operating Officer) | Representative Director | ◆ Background of the New Representative's Appointment The number of M&A deals in Japan is increasing year by year, reaching a record high of 5,115 cases in 2025 (*1). Business succession-type M&A also hit a record high of 1,028 cases (*1), and this trend is expected to continue strongly for the next 10 years. On the other hand, with the rapid expansion of the market, the "quality of M&A brokerage" is being questioned. While the number of registered M&A support institutions has reached 3,235 (a record high) (*2), the number of troubles and consultations is also on the rise, making the "choice of a truly trustworthy partner" more difficult and important than ever for both selling and acquiring companies. In such an uncertain environment, M&A consulting firms are required to have higher ethical standards and transparency than ever before, and above all, the ability to envision "growth beyond closing." Since its founding, Spica Consulting has contributed to the development of the Japanese economy with "highest quality industry-specific M&A" and "value-up consulting to maximize corporate value" as its two pillars. This time, with the aim of further improving quality and strengthening its management system, Tsunero Watanabe has been newly appointed as Representative Director, President & CEO. Mr. Watanabe is a person who has led "industry restructuring M&A" that goes beyond mere matching. With a strong belief in "supporting success as a business owner, not just as an investor, through M&A," he has led numerous M&A deals to success using his high expertise in M&A and management, along with deep insight and specialized knowledge of the industry. Under the new structure led by Mr. Watanabe, who has extensive experience in supporting high-quality M&A and corporate value enhancement, Spica Consulting aims to elevate its three businesses and activities—(1) Industry-Specific M&A, (2) Value-Up Consulting, and (3) Asset Utilization for Social Good—to the highest quality in Japan. Through the provision of "M&A that drives continuous corporate development," the company will carve out a new future where each employee can shine. (*1): MARRonline February 2026 Issue No. 376 (https://www.marr.jp/marr/marr202602/entry/66036) (*2): Public announcement regarding registered financial advisors and intermediaries under the M&A Support Institution Registration System, and current registration status (as of February 20, 2026) ◆ Profile, Career, and Photo of the New Representative Spica Consulting Co., Ltd. Representative Director, President & CEO Tsunero Watanabe Gained entrepreneurial experience while studying at Kyoto University before joining Japan M&A Center. He has led the M&A industry, being featured in Nikkei Veritas as the No. 1 consultant for mid-sized and small/medium-sized enterprise M&A. He is a leading figure in industry restructuring M&A. In 2020, he became the youngest board member at the company. On March 31, 2023, he resigned as a director of Japan M&A Center Holdings. Subsequently, for three years, he served as an outside director and advisor for several listed and growing companies, contributing to the improvement of corporate value and stock prices. He was appointed Representative Director, President & CEO of Spica Consulting on April 1, 2026. ◆ Career History | Year/Month | Details | |---------------|-------------------------------------------------------------------------------------------------------------------------| | September 1983 | Born in Beppu City, Oita Prefecture, raised in Osaka | | March 2002 | Graduated from Nara Gakuen High School | | March 2008 | Graduated from Kyoto University, Faculty of Economics, Department of Business Administration (Marketing Major) | | April 2008 | Joined Japan M&A Center, Inc. (now Japan M&A Center Holdings Inc.) | | April 2016 | Appointed Head of Industry Restructuring Department | | April 2017 | Appointed Executive Officer, Head of Industry Restructuring Department | | April 2018 | Appointed Senior Executive Officer | | June 2020 | Appointed Director (resigned March 2023) | | June 2020 | Appointed Director, Japan Investment Fund Inc. (resigned 2021) | | June 2021 | Appointed Director, Batons Inc. (resigned March 2023) | | October 2021 | Appointed Director, Japan M&A Center, Inc. (resigned March 2023) | | April 2023 | Appointed Outside Director, Geolonia Co., Ltd. (resigned August 2024) | | October 2023 | Appointed Outside Director, LDT Co., Ltd. (resigned February 2026) | | March 2024 | Appointed Outside Director, BuySell Technologies Co., Ltd. (current) | | March 2025 | Appointed Outside Director, CyMed Co., Ltd. (current) | | February 2026 | Appointed Outside Director, Lightblue Co., Ltd. (current) | | April 2026 | Appointed Representative Director, President & CEO, Spica Consulting Co., Ltd. | ◆ Words from Leading Business Figures from Various Fields on the Appointment of the New Representative Director, President & CEO In anticipation of Mr. Watanabe's appointment as the new representative of Spica Consulting, comments have been received from business leaders from various fields who continue to enhance corporate value (※Listed in Japanese alphabetical order, titles omitted). TEAMyoko-so CEO (Tax Accountant, Founder of Yokohama General Tax Office) Keisuke Izumi: I've been waiting! Congratulations on your return to the M&A industry. Mr. Watanabe, who broke the norms of the accounting and industry-specific M&A fields at his previous company and served as the youngest standing director at a company with a market capitalization of 1 trillion yen, was of great help to me as well. I have high expectations that you will create new value in a maturing industry and contribute to the revitalization of the Japanese economy. BoostCapital Co., Ltd. Representative Director Takao Ozawa: Mr. Watanabe, returning to M&A? Wonderful! This return is good for boosting healthy M&A in Japan. I have nothing but expectations! Let’s boooost together! Kyoto University Graduate School of Management Distinguished Professor and Special Advisor to the President, KDDI Corporation Founder Yukio Senbo: I sincerely congratulate you on your appointment as Representative Director, President & CEO of Spica Consulting. He is a leader indispensable to the Japanese economy, having built a track record since the dawn of the M&A industry. I expect that he, advocating for "M&A as a business owner," will establish new highest quality standards in the industry through Spica Consulting and powerfully lead the future. SHIFT Co., Ltd. Representative Director and President Masaru Tange: I met Mr. Watanabe through an alumni event for Kyoto University entrepreneurs, and we have been close, both professionally and personally, with him supporting SHIFT since his previous company. He is a wonderful manager with great flexibility, having started a company in his student days and becoming the youngest director at his previous company. I am very happy that he will now be managing the company as Representative Director, President & CEO, and I am confident he will build a remarkable company that becomes an indispensable entity for society. I have high expectations! Nanohana Kyushu Co., Ltd. Chairman of the Board Shigeru Nagatomi: I sincerely congratulate you on your appointment as Representative Director, President & CEO of Spica Consulting Co., Ltd. I was assisted by you in the M&A of Nagatomi Pharmacy, and currently, all our staff at Nanohana Kyushu Co., Ltd. are working energetically. Thank you very much. I pray for your continued success and the prosperity of your company. ◆ Comment from Ryu Higuchi, Representative Director, President and CEO of GA technologies Spica Consulting has consistently pursued innovative initiatives with the perspective of "what is best for the customer," such as offering the industry's first (*3) full success fee exemption plan in the M&A brokerage industry. Mr. Watanabe, who is newly appointed as representative, has an overwhelming track record in M&A consulting. We look forward to Spica Consulting achieving further leaps under the new structure. (*3) Researched by Spica Consulting (Surveyed: M&A brokerage firms registered as M&A support institutions with 10 or more full-time M&A professionals, Survey method: Fees and charges of target corporations confirmed on HP, Survey period: February 12, 2025) ◆ Interview with the New Representative and a Letter from the Former Representative This is an interview article with the new Representative Director, President & CEO Tsunero Watanabe. From his childhood experiences to his thoughts on the M&A industry, and the "highest quality" future he envisions with COO Nakahara. We delve into the new CEO's aspirations. Title: "Tsunero Watanabe, a Leading Figure in Industry Restructuring M&A, Becomes Spica's New CEO. Spreading M&A for Essential Corporate Value Enhancement in Japan as an M&A Consultant." URL: https://note.com/note_spica/n/na9445c2b2cbb Additionally, a greeting letter from the former representative (current Representative Director COO) Toshio Nakahara to all stakeholders has been published. Mr. Nakahara will continue to be involved in the planning and execution of business strategies at Spica Consulting, so please take a look at it as well. A Letter to Our Stakeholders from Representative Director COO Toshio Nakahara URL: https://spicon.co.jp/news/other-news/260401_coo/ ◆ Spica Consulting Company Overview Company Name: Spica Consulting Co., Ltd. Representative: Representative Director, President & CEO Tsunero Watanabe URL: https://spicon.co.jp/ Head Office: Sumitomo Fudosan Roppongi Grand Tower 34F, 3-2-1 Roppongi, Minato-ku, Tokyo Established: August 23, 2022 Business Activities: - Industry-specific M&A consulting - Provision of "Value-Up Consulting" to maximize corporate value ◆ GA technologies Overview Company Name: GA technologies Co., Ltd. Representative: Representative Director, President and CEO Ryu Higuchi URL: https://www.ga-tech.co.jp/ Head Office: Sumitomo Fudosan Roppongi Grand Tower 40F, 3-2-1 Roppongi, Minato-ku, Tokyo Established: March 2013 Business Activities: - Development and operation of AI real estate investment platform "RENOSY" - Development and operation of BtoB platform "ITANDI" for the real estate industry - Development of platform businesses in the PropTech domain Major Group Companies: ITANDI Co., Ltd., Spica Consulting Co., Ltd., RW OpCo, LLC, etc. (30 companies in total) *Including 28 companies under RW OpCo, LLC.