Bain Capital plans to acquire and delist Rezil, the TSE Growth-listed target announced on August 14, 2025. The deal comes less than two years after its April 2024 IPO.
According to the statement, Bain Capital plans to acquire the company through its affiliate BCJ-100. It is offering 2,750 yen per share, representing a 32.6% premium over Rezil’s August 13, 2025, closing price of 2,074 yen per share. The transaction is valued at approximately 52 billion yen. The tender offer is set to run until October 2025 and the deal is expected to be fully completed in early 2026.
Rezil’s founder Seiji Nakamura, through his asset management company Team Energy GI, and Kansai Electric Power are expected to retain stakes in the company after Bain Capital’s takeover. Currently, they are its largest shareholders, owning 44.47% and 8.91%, respectively.
In addition to reforming Rezil’s operations, Bain Capital sees opportunities in expanding the company’s distributed energy resources (DER) unit through solar installations on newly built condominiums among other ways. It also targets diversifying into new business areas and growing through M&A.
Rezil recorded 46.6 billion yen in revenue and 3.2 billion yen in net profit in its fiscal year ended June 2025, up from 37.8 billion yen and 2.8 billion yen in the previous fiscal year. Unadjusted for internal transactions, its DER business contributed 26.8 billion yen in revenue and 2.9 billion yen in segment profit, power retail business 22.1 billion yen in revenue and 2.4 billion yen in profit, and digital transformation business 2 billion yen in revenue and 308 million yen in profit.
Based on the latest available METI data, Rezil’s approximately 37GWh demand in March 2025 placed it 69th among Japan’s “new retailers.” Within the high-voltage segment, it ranked 36th, with a demand of 32GWh.
Bain Capital’s previous major transactions in Japan’s energy industry included its 2015 acquisition of Japan Wind Development, one of the country’s largest wind project developers. It sold the company to Infroneer Holdings in 2024.
