Case Studies

ISI Global Inc., originally the Shinano Gakuin Cram School founded in 1977 by Shoichiro Ogino in Ueda City, Nagano, has evolved significantly. Expanding from a preparatory school to opening Japanese language schools in Nagano in 1992 and later in Tokyo (2002) and Gifu (2003), ISI has become a leading name in Japanese language education. Under Masaaki Ogino, who took over in 2012, ISI has grown to become the largest in the industry by 2019, especially with the support of the government’s “300,000 International Students Plan”. Masaaki’s vision, shaped by his own study abroad experience, goes beyond language learning. It includes building a global network and fostering friendships across different cultures and values. While most Japanese language schools have limited multinational student bodies, ISI stands out by actively expanding its agent network worldwide, including Western countries, to create a truly multinational student body. The brand name “ISI”, short for International Study Institute, reflects its commitment to “growth and diversity”.

The decision to pursue M&A for ISI was made at the height of the COVID-19 pandemic, a time of heightened uncertainty and difficulty in predicting the future. Despite these challenges, NSSK decided to move forward with the investment, guided by the belief that while study abroad continued globally, Japan’s ongoing entry restrictions were not sustainable. This perspective was further influenced by Japan’s demographic issues, such as population decline and aging. NSSK viewed this investment as a critical step in supporting Japan’s acceptance of more foreign students and in line with NSSK’s fundamental goal of revitalizing Japan’s economy. In addition, to maintain stability and reassure the management team and employees, NSSK ensured sufficient financial preparation to avoid cash shortages even if Japan’s entry restrictions continued.