M3 Acquries Leonis Client and Stone Goff Portfolio Company NAS Recruitment


TOKYO and CLEVELAND – March 3, 2020 –  M3, Inc. (TYO: 2413), a leading Japan-based Healthcare and Life Science services provider, through its US subsidiary M3 USA Corporation and PracticeMatch, acquired NAS Recruitment Innovation (“NAS”), a leader in healthcare digital recruitment solutions for hospitals, health systems and physicians and a Stone-Goff Partners portfolio company.

In December 2011, Stone-Goff Partners acquired NAS from Interpublic Group (IPG). Under Stone-Goff’s ownership, led by CEO Phil Ridolfi and Chief Talent Strategist Matt Adam, NAS has shifted from a traditional media services model to an end-t-end digital offering with the development of the ACTIVATE platform. NAS empowers clients to attract and engage quality talent with proven expertise in technology solutions, media buying, and creative services.

“Working with Phil, Matt, and the NAS team as we transformed the company from a legacy business model to a hybrid services, strategy and SAAS-based business model has been an incredible journey. This transaction is a result of the team’s hard work, vision and leadership in the recruitment marketing space,” said Hannah Stone Craven, co-founder of Stone-Goff Partners. “We are excited about the strategic fit between NAS and M3, and believe the combined company will continue to lead in innovation and performance in the recruitment marketing space.”

Through the acquisition, M3 will establish the leading position in the hospital recruiting market by combining PracticeMatch’s extensive reach to both physician candidates and hospital clients with NAS’s services such as their cloud-based job search technology platform, ACTIVATE. This combination will enable the cross-selling of NAS’s services to PracticeMatch’s existing clients and will further differentiate NAS’s services and technology platform by combining with PracticeMatch’s expertise in hospital recruitment.

“We are excited to announce the acquisition of a leading digital recruitment advertising firm as a complement to our portfolio. The robust recruitment experience provided by NAS will advance our offerings in the digital recruitment space for our existing healthcare client,” Aki Tomaru, CEO of M3 USA. “The quality, value, and scope of the services they NAS provides will further enhance the M3 USA’s mission of bringing positive changes to healthcare.”

Led by Rob Burton and Robert Koven, Leonis Partners served as the exclusive financial advisor for NAS.  “Rob and the Leonis Team led a very robust transaction process and identified numerous strategic buyers from several different potential angles. Their creative thinking around the buyer universe ultimately led to the ideal buyer – with strategically complimentary businesses in the US market,” said Hannah Stone Craven.

About M3, Inc.

M3 Inc., parent company of M3 USA, operates in the U.S., Asia, and Europe, providing services to healthcare and the life science industries, including market research, medical education, ethical drug promotion, clinical research, job recruitment, and clinic appointment services. The Company operates in four business segments. The Medical Platforms segment conducts marketing-related businesses in Japan utilizing the Internet and real operations centered on the medical employee specialized site m3.com. The Evidence Solution segment is involved in the supporting business, such as clinical trials (clinical trials, large-scale clinical research, etc.), the management of clinical trial operations at medical institutions implementing clinical trials, and the operation of supporting business. The Career Solutions segment is engaged in human resource services for healthcare professionals in Japan.

About NAS

NAS is a leader in recruitment advertising, marketing, and digital services, offering a proprietary technology platform, ACTIVATE, which enhances candidate engagement, maximizes SEO, and offers robust analytics for clients. In 2019, the ACTIVATE platform provided a superior experience to more than 25 million candidates in their job searches. NAS also provides Media Services including employment branding, programmatic buying, social outreach, and digital marketing. The Company is based in Cleveland, Ohio and serves hundreds of clients throughout the U.S. and Canada across a variety of industries, including healthcare and hospitality.

About Stone-Goff Partners

Stone-Goff Partners is a private equity firm that invests in lower middle-market founder-owned businesses and corporate carve-outs in the following verticals: Human Capital & Training, Business to Business Services and Consumer Services. Founded in 2010 by Hannah Stone Craven and Laurens Goff, the firm leverages the extensive investment, operational and strategic experience of its principals and its Talent Network to serve as a value-added partner for its portfolio companies.

About Leonis Partners

Leonis Partners serves as a full-service advisor to entrepreneurs and their businesses. Calling on decades of experience from some of the largest leading global financial institutions, Leonis crafts highly calibrated solutions to achieve our clients’ needs as it pertains to M&A, Capital Raising, Fairness & Valuation Opinions, and other Special Situations. Our experience and track-record in each of these core areas continues to provide our clients with superior results. The firm is headquartered in New York. For more information on Leonis Partners, visit www.leonispartners.com.