Bain Capital to lead management buyout of Japan Wind Development

Bain Capital Partners will launch a take-private transaction for publicly-traded Japan Wind Development Co. Ltd. (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 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.

Yuji Sugimoto, Managing Director at Bain Capital 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 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 added,

“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 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 has invested in ten companies including Skylark, Ooedo Onsen, Jupiter Shop Channel, Domino’s Pizza Japan and Bellsystem24.