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Tokyo - Bain Capital Private Equity today announced that it will launch a take-private transaction for publicly-traded Japan Wind Development Co. Ltd. (2766:Tokyo) (JWD), in partnership with management. JWD is a leading Japanese wind farm developer and operator in Japan, benefitting from the expansion in Japan’s alternative energy industry. Upon completion of this transaction, Bain Capital Private Equity and Masayuki Tsukawaki, CEO of JWD, will own the shares of JWD and Mr. Tsukawaki will continue in his role as CEO. The transaction will take place in accordance with the takeover-bid (TOB) process, commencing on March 24, 2015 and is expected to complete after 30 working days on May 8, 2015. The final purchase price is expected to be up to about 9.7 billion yen (US$80 million).
Established in July 1999 to develop wind farms as a critical alternative energy source, JWD has become a pioneer in the domestic wind farm industry. JWD is currently the No.1 independent developer of wind farms in Japan, operating one of the largest wind farms in Japan.
Public consciousness around alternative energy has been rising following the Great East Japan Earthquake in 2011. Along with the increasing demand for a reduction in greenhouse gas emissions, events related to the earthquake and tsunami have demonstrated the need for reliable and clean wind power. JWD‘s role in expanding wind power will enable the optimization of Japan’s energy mix by increasing the penetration of wind power across the country.
Yuji Sugimoto, a Managing Director at Bain Capital Private Equity in Japan, commented, “Wind power is a more reliable, economical, and environmentally friendly source of energy, and contributes to a more sustainable energy industry in Japan. JWD has a distinctive and robust position in the industry with a clear track record in developing and operating wind farms across the country. We are pleased to partner with Mr. Tsukawaki who is one of the industry’s leading entrepreneurs having made significant contributions to Japan’s renewable energy industry.
“After successfully closing this MBO, Bain Capital Private Equity plans to further accelerate JWD’s wind power business with a focus on operational improvements in existing wind farms and developing new wind farms, which will be done alongside Mr. Tsukawaki and in full collaboration with the current JWD management.”
Yuji Sugimoto also commented, “JWD currently holds the largest development pipeline for new wind farms in Japan, including a number of well positioned sites in areas such as Hokkaido and Tohoku. The Company’s strong growth potential will further contribute to a more favorable energy mix in Japan.”
Bain Capital Private Equity first established a presence in Japan in 2006 upon opening an office in Tokyo and now employs more than 30 professionals. With deep-rooted experience in investing and building businesses around the world, the firm has advised on private equity, growth, and venture capital investments in companies across a variety of industries. In Japan, Bain Capital Private Equity has invested in ten companies including Skylark, Ooedo Onsen, Jupiter Shop Channel, Domino’s Pizza Japan and Bellsystem24.
Bain Capital Private Equity has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since our founding in 1984. Our team of more than 400 investment professionals creates value for our portfolio companies through our global platform and depth of expertise in key vertical industries including consumer/retail, financial and business services, healthcare, industrials, and technology, media and telecommunications. In addition to private equity, Bain Capital invests across asset classes including credit, public equity and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.
This press release has been updated to reflect the new business unit name, "Bain Capital Private Equity," which was changed from "Bain Capital" or "Bain Capital, LP."