株式会社レコフ

What 株式会社レコフ does

株式会社レコフ (RECOF Corporation) is Japan's oldest independent M&A advisory boutique, founded in December 1987 by Yoshida Nobuaki and headquartered in Tokyo's Gran Tokyo North Tower. Since 2016, RECOF has operated as a wholly-owned subsidiary of M&A Capital Partners Co., Ltd. (TSE Prime: 6080). The firm provides full-cycle M&A advisory across five service lines: business succession for SME owners lacking internal successors, growth-strategy M&A for listed and large corporations, group reorganization and industry consolidation, and cross-border M&A with a strategic focus on Vietnam and Southeast Asia via its RECOF Vietnam subsidiary in Ho Chi Minh City and Global M&A network membership spanning 50+ countries.

The firm's underlying platform is built on three proprietary assets: (1) the MARR magazine and M&A database, Japan's only M&A-specialized publication, in operation since 1985/1995 and operated through group company RECOF Data; (2) a company network exceeding 20,000 firms, including over 90% of Japan's approximately 3,500 listed companies, which underwrites deal origination; and (3) industry coverage groups in which advisors specialize long-term in specific sectors to accumulate institutional knowledge. RECOF also operates digital products through RECOF Data — MARR Online, MARR Pro, MARR Career, and the MARR MATCHING marketplace platform launched in October 2020.

RECOF's revenue model is transaction-based under the Stock Price Lehman fee schedule, charging 5% on equity value up to 500M JPY, stepping down to 1% above 10B JPY, with a 25M JPY minimum fee per deal. Fees are success-only with no upfront charge, billed 10% on basic agreement and 90% on closing. RECOF has supported over 1,000 M&A transactions since founding. The customer base spans SMEs requiring succession solutions and Japan's largest listed corporations pursuing strategic M&A, with deal volumes spanning targets from under 100M JPY to over 10B JPY in equity value. Distribution is through direct field sales by industry-specialized advisors, complemented by referral channels via partner banks, law firms, and trade-press co-hosted seminars.

Name

株式会社レコフ

Legal name

株式会社レコフ (RECOF Corporation)

Website

https://recof.co.jp

Company type

Private

Founded year

1987

Operating status

Operating

Headcount range

1–10 employees

Short description

RECOF is Japan's oldest independent M&A advisory boutique, founded in 1987 and now a wholly-owned subsidiary of M&A Capital Partners (TSE Prime: 6080). It serves SME owners needing business succession and large Japanese corporations pursuing growth M&A, with a specialty in Japan-Vietnam cross-border deals.

Ownership category

akta.pro rank

Product category

M&A Advisory Services

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

SIC

Services-Management Consulting Services (8742)

akta.pro primary industry

Corporate Development & Strategic Partnerships Advisory (JVs, Alliances, Carve-outs) (BPAHAOAG)

Keywords

• M&A advisory services
• Business succession consulting
• Cross-border M&A
• Corporate reorganization advisory
• M&A data intelligence

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Marketing or Sales, Operations, Infrastructure, Technology or R&D

Revenue model

1. M&A Advisory Success Fees: Transaction-based success fee using the Stock Price Lehman method, where a percentage fee is applied to the transaction price (equity value). The fee is charged only upon successful deal completion, with no upfront fees charged during the advisory period up to basic agreement.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels7 records

Core offering

RECOF Corporation is an independent M&A advisory boutique providing full-cycle M&A intermediary and advisory services to Japanese and international clients, including business succession M&A, growth strategy M&A, group reorganization, industry consolidation, and cross-border M&A with a focus on Vietnam and Southeast Asia. The firm supports clients from strategy formulation and deal origination through execution and post-merger integration, leveraging its proprietary MARR database, industry-specialized Coverage Groups, and a Corporate Finance Division for integrated financial, accounting, and legal advisory. Revenue is generated via transaction-based success fees using the Stock Price Lehman method.

Product overview

株式会社レコフ is an independent M&A advisory firm founded in 1987, offering a comprehensive suite of M&A services. The core offering consists of M&A advisory services including business succession, growth strategy, cross-border M&A (with focus on Vietnam/Southeast Asia), group reorganization, and industry consolidation. The company operates several interconnected digital platforms: MARR Online (M&A news/data site), MARR Pro (professional analytics), MARR Career (recruitment), MARR MATCHING (deal matching), and publishes the M&A専門誌「MARR」magazine and 月刊事業継承M&Aレポート. RECOF Vietnam subsidiary extends cross-border capabilities with local presence in Ho Chi Minh City.

Differentiator

Problem solved

Functional benefit

Products and services

• M&A Advisory Services (M&A助言業務) Comprehensive M&A intermediary and advisory services covering business succession, growth strategy, group reorganization, industry consolidation, and post-merger support. Targets Japanese corporations (listed and large unlisted) and SME business owners seeking M&A transactions, with industry-specialized Coverage Groups and Corporate Finance Division support.
• RECOF Cross-border M&A Services (レコフ クロスボーダーM&Aサービス) Cross-border M&A advisory with focus on Vietnam and Southeast Asia, supporting Japanese companies with overseas expansion through M&A. Includes deal sourcing, execution, and integration support via the RECOF Vietnam subsidiary and Global M&A international network covering 50+ countries.
• MARR Online (マールオンライン) M&A information and data website providing news, market intelligence, and deal databases for M&A professionals and businesses considering M&A transactions.
• MARR Pro (マールプロ) Professional M&A data subscription platform offering advanced analytics, deal tracking, and market intelligence for M&A advisors and corporate M&A professionals.
• MARR MATCHING (マールマッチング) M&A matching platform operated by group company RECOF Data for business succession support, connecting prospective buyers and sellers in the M&A marketplace. Launched October 2020.
• MARR Career (マールキャリア) M&A-focused recruitment platform connecting companies seeking M&A professionals with qualified candidates in the M&A advisory industry.
• MARR Magazine (M&A専門誌「マール」) Japan's only M&A professional magazine, published since 1995 by group company RECOF Data, providing industry news, analysis, and market intelligence on M&A transactions.
• RECOF Vietnam (RECOF VIETNAM CO.,LTD) Vietnam-based wholly-owned subsidiary providing on-the-ground cross-border M&A advisory services, maintaining local networks of financial institutions and advisors to support Japan-Vietnam M&A transactions.

Quantifiable outcome

• Over 1,000 M&A deals supported since founding in 1987
• +1 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• Global M&A (GMA)coreStrategic or Co-development PartnerRECOF is a member of Global M&A, an international network of independent investment banking firms specializing in middle-market M&A. GMA covers over 50 countries worldwide, providing RECOF with global reach for cross-border deal execution alongside local knowledge from member firms.
• REACH Cross-Border Mergers & AcquisitionsminorStrategic or Co-development PartnerREACH is a partnership network of independent investment banking firms specializing in the middle-size deal market (deal value USD 20-500M). The 30 partners cover more than 50 countries worldwide, providing clients with global reach and services based on local knowledge and experience.
• 明倫国際法律事務所 (Meirin International Law Office)minorStrategic or Co-development PartnerFukuoka-based international law firm operating in Tokyo, Vietnam, and Shanghai. Co-hosted multiple cross-border M&A seminars with RECOF, providing legal expertise on Vietnam M&A transactions including market entry, cross-border M&A support, and business scheme construction. Supported over 200 small-to-medium companies' overseas expansion annually.
• ESUHAI Co., Ltd. (人材教育・研修機関ESUHAI)minorStrategic or Co-development PartnerVietnamese human resources development company. Co-hosted cross-border M&A seminar with RECOF titled 'ASEAN Business Strategy - Vietnam M&A and Human Resources Utilization' in November 2021. RECOF has a long-standing relationship supporting ESUHAI's business development.
• 東京海上グループ (Tokio Marine Group)minorStrategic or Co-development PartnerCo-hosted cross-border M&A seminar with RECOF in August 2021 on the topic of Vietnam M&A and Representations & Warranties Insurance (表明保証保険), combining M&A advisory with insurance risk management perspectives.
• 京都銀行 (Kyoto Shinkin Bank)minorChannel Partner/ Reseller/ DistributorCo-hosted a cross-border M&A seminar with RECOF in February 2021 titled 'ASEAN Business Strategy - First-time Vietnam M&A Consideration Points', leveraging the bank's SME client network in the Kansai region.
• 化学工業日報社 (Chemical Daily Co., Ltd.)minorStrategic or Co-development PartnerCo-hosted a management strategy seminar with RECOF titled 'Stable Business Succession for Chemical Manufacturers' in January 2021, combining RECOF's M&A expertise with Chemical Daily's industry media reach in the chemicals sector.
• 物流ウィークリー (Logistics Weekly)minorStrategic or Co-development PartnerCo-hosted an online seminar with RECOF on 'Business Succession and M&A Success Stories in the Logistics Industry' in January 2021, leveraging Logistics Weekly's industry media network to reach logistics sector clients.
• 株式会社レコフデータ (RECOF Data Corporation)coreOthersGroup company spun off in April 2008 to operate the M&A database and MARR magazine business. Provides the MARR data platform including MARR Online, MARR Pro, and MARR MATCHING. Also operates the M&A Forum secretariat. RECOF and RECOF Data are under common group ownership.
• RECOF VIETNAM CO.,LTDcoreOthersWholly-owned subsidiary of RECOF established to serve as the primary platform for cross-border M&A activities between Japan and Vietnam/Southeast Asia. Located at Hotel Nikko Saigon in Ho Chi Minh City, Vietnam. The subsidiary manages a network of local financial institutions and advisors in Vietnam.
• 株式会社みらい共創アドバイザリー (Mirai Kyoso Advisory Co., Ltd.)minorOthersGroup company providing advisory services, complementing RECOF's M&A advisory offerings with additional consulting capabilities.
• 一般社団法人M&A支援機関協会 (M&A Support Industry Association)minorOthersIndustry self-regulatory organization for M&A intermediaries in Japan. RECOF participates as a member. The association develops ethics codes and industry self-regulation rules, including shared information systems for registered M&A support providers under the Small and Medium Enterprise M&A Guidelines.

Scale indicators4 records

Recent moves11 records

Expansion highlights5 records

Direct peers

• Oaklins International: Global mid-market M&A advisory network with comparable business model of sector-specialized advisors and cross-border deal capability. RECOF's GMA membership is in a similar independent boutique network category, and Oaklins represents the international peer group for RECOF's mid-market M&A positioning.
• M&A Research Institute Holdings: Recently listed Japanese M&A intermediary (TSE Growth) competing directly with RECOF for SME and mid-market succession deals. Uses a technology-augmented advisor model and aggressive advisor hiring to capture market share in the same target segments as RECOF.
• Yamada Consulting Group: Independent Japanese consulting group offering M&A advisory alongside management consulting, tax, and accounting services. Targets similar SME and mid-market clients, with overlapping value proposition of integrated consulting plus M&A intermediation, particularly for regional Japanese businesses.
• Clearwater International: Global independent mid-market M&A advisory firm operating across Europe and selected international markets. Closely comparable to RECOF in being an independent boutique with sector-specialized teams and cross-border execution capability, making it a structural international peer.
• Nihon M&A Center Holdings: Japan's largest listed SME M&A intermediary, focused on the same business succession market that is RECOF's primary segment. Listed on TSE Prime (Ticker 8031), Nihon M&A Center operates at significantly larger scale than RECOF and is the dominant direct competitor for SME succession mandates.
• M&A Total Partners Holdings: Listed Japanese M&A intermediary group (M&A総研ホールディングス) competing in SME succession and mid-market deals. Targets the same customer base of business owners seeking succession solutions, directly overlapping with RECOF's primary customer segment.

Broad incumbents

• M&A Capital Partners: RECOF's 100% parent company (TSE Prime: 6080) and a separate M&A advisory intermediary in its own right. Operates in overlapping Japanese M&A segments but at the listed-parent level with broader capital-markets access, making it both a sibling competitor and the controlling shareholder.
• Deloitte Tohmatsu (Japan): Big-4 advisory firm with broad M&A, corporate finance, and consulting capabilities in Japan. Competes with RECOF primarily for large-cap and cross-border mandates, but overlaps on mid-market deals and corporate development advisory where RECOF's Corporate Finance Division also operates.
• ABeam Consulting: Japan-based Big-4-affiliated management consulting and M&A advisory firm. Competes with RECOF for corporate M&A mandates as part of broader consulting offerings, particularly for Japanese listed and large-cap clients pursuing strategic M&A and corporate transformation.
• KPMG FAS (Japan): Big-4-affiliated financial advisory and corporate finance practice in Japan. Competes with RECOF for mid-market and large-cap M&A mandates including cross-border deals, though typically serving larger transaction sizes than RECOF's SME-succession core.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/%EF%BC%88%E6%A0%AA%EF%BC%89%E3%83%AC%E3%82%B3%E3%83%95

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about 株式会社レコフ