Bain Capital to Take Rezil Private Less Than Two Years After IPO, Founder and Kansai EPCO to Retain Stakes

Bain Capital to Take Rezil Private Less Than Two Years After IPO, Founder and Kansai EPCO to Retain Stakes

Bain Capital announced plans to acquire and delist Rezil, a company listed on TSE Growth since April 2024. The tender offer is set at ¥2,750 per share, representing a 32.6% premium over Rezil’s closing price on August 13, 2025, valuing the transaction at approximately ¥52 billion. Rezil’s founder Seiji Nakamura, via Team Energy GI, and Kansai Electric Power are expected to retain stakes of 44.47% and 8.91%, respectively.

Bain Capital aims to reform Rezil’s operations, expand its distributed energy resources (DER) business through solar installations on newly built condominiums, diversify into new business areas, and pursue growth via M&A. In the fiscal year ended June 2025, Rezil posted ¥46.6 billion in revenue and ¥3.2 billion in net profit, up from ¥37.8 billion and ¥2.8 billion in the previous fiscal year.

Rezil’s approximately 37 GWh demand in March 2025 placed it 69th among Japan’s “new retailers” and 36th in the high-voltage segment with 32 GWh.

Bain Capital has previously executed major transactions in Japan’s energy sector, including its 2015 acquisition of Japan Wind Development, later sold to Infroneer Holdings in 2024.