Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

Raksul, Inc. provides Internet based services. The Company mainly offers net printing, net transportation, and other services. Raksul provides services in Japan.

<ul>
<li>Goldman Sachs will take Raksul private via a ~¥100bn MBO, restoring meaningful governance influence to the founder—one of the most explicitly founder-aligned take-privates in Japan’s tech sector.</li>
<li>Public markets consistently undervalued Raksul’s multi-vertical SME platform; going private enables longer-horizon investment, selective M&amp;A, and disciplined scaling across printing, logistics, marketing tech, and adjacent digital services.</li>
<li>Deal completion probability is high (90–95%): a fair premium, full founder support, and limited interloper risk leave minority shareholders best served by tendering into the offer.</li>
</ul>


Goldman Sachs will take Raksul private via a ~¥100bn MBO, restoring meaningful governance influence to the founder—one of the most explicitly founder-aligned take-privates in Japan’s tech sector.
Public markets consistently undervalued Raksul’s multi-vertical SME platform; going private enables longer-horizon investment, selective M&amp;A, and disciplined scaling across printing, logistics, marketing tech, and adjacent digital services.
Deal completion probability is high (90–95%): a fair premium, full founder support, and limited interloper risk leave minority shareholders best served by tendering into the offer.


Raksul (4384 JP): Goldman-Backed Founder MBO Highlights Japan’s New Tech Take-Private Cycle

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/raksul-inc" target="_blank" data-smartkarma-citation="entities:27043:1" rel="noopener">Raksul Inc (4384 JP)</a> is a business roll-up business. They do printing, and advertising, and marketing, and supply. They want to be all things to all SMEs. </li>
<li>They are pretty good at it. Revenues and EBIT have been growing at 20-30% a year for years, and are scheduled to grow 19% and 26% for several years ahead.</li>
<li>The bid is up 40% from last, but that gets them to a 30-month high. The register is very open. Lots of active institutional shareholders who have to agree. Maybe.</li>
</ul>



Raksul Inc (4384 JP) is a business roll-up business. They do printing, and advertising, and marketing, and supply. They want to be all things to all SMEs. 
They are pretty good at it. Revenues and EBIT have been growing at 20-30% a year for years, and are scheduled to grow 19% and 26% for several years ahead.
The bid is up 40% from last, but that gets them to a 30-month high. The register is very open. Lots of active institutional shareholders who have to agree. Maybe.


[Japan M&A] CEO & Chairman Entice GS to Sponsor an MBO for Recently Lackluster Raksul (4384)

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/raksul-inc" target="_blank" data-smartkarma-citation="entities:27043:1" rel="noopener">Raksul Inc (4384 JP)</a> has recommended a <a href="https://www.smartkarma.com/entities/goldman-sachs-group-inc" target="_blank" data-smartkarma-citation="entities:785:1" rel="noopener">Goldman Sachs Group (GS US)</a>-sponsored MBO at JPY1,710, a 39.5% premium to the last close.</li>
<li>While the process is lacking (no auction), the offer is reasonable compared to peer multiples, analyst price targets and historical trading ranges. </li>
<li>The offer aligns with the midpoint of the target IFA DCF valuation range. Barring an emergence of an activist, this should get done. </li>
</ul>



Raksul Inc (4384 JP) has recommended a Goldman Sachs Group (GS US)-sponsored MBO at JPY1,710, a 39.5% premium to the last close.
While the process is lacking (no auction), the offer is reasonable compared to peer multiples, analyst price targets and historical trading ranges. 
The offer aligns with the midpoint of the target IFA DCF valuation range. Barring an emergence of an activist, this should get done. 


Raksul (4384 JP): GS-Sponsored MBO at JPY1,710

Fast Fitness Japan, Inc. owns and operates fitness clubs. The Company offers gym and sports facilities and training. Fast Fitness Japan provides its services throughout Japan.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fast-fitness-japan-inc" target="_blank" data-smartkarma-citation="entities:31510:1" rel="noopener">Fast Fitness Japan Inc (7092 JP)</a> has recommended a JGIA-sponsored MBO at JPY2,315, a 29.3% premium to the undisturbed price (31 October).</li>
<li>There was media speculation about a tender offer last month. The offer is arguably light as it is below the mid-point of the IFA DCF valuation range. </li>
<li>This is a done deal as the irrevocables to tender (20.65% ownership ratio) exceed the lower limit of the tender offer (17.12% ownership ratio).</li>
</ul>



Fast Fitness Japan Inc (7092 JP) has recommended a JGIA-sponsored MBO at JPY2,315, a 29.3% premium to the undisturbed price (31 October).
There was media speculation about a tender offer last month. The offer is arguably light as it is below the mid-point of the IFA DCF valuation range. 
This is a done deal as the irrevocables to tender (20.65% ownership ratio) exceed the lower limit of the tender offer (17.12% ownership ratio).


Fast Fitness Japan (7092 JP): JGIA-Sponsored MBO Is a Done Deal

MANDOM CORPORATION manufactures and markets a variety of cosmetic products for men and women.  The Company's products include hair care and skin care cosmetics.

<ul>
<li>Today late in the afternoon session, the Nikkei reported that the MBO price would be bumped by "about 30%". The stock popped 4.6%. </li>
<li>Post-Close, the deal is bumped from ¥1,960 to ¥2,520 (+29%). Activist holders Murakami Group with 21.4% and Hibiki Path Advisors with 5.5% have agreed to tender. </li>
<li>With the two main activists publicly engaged now agreed to tender, this looks like a done deal.</li>
</ul>


Today late in the afternoon session, the Nikkei reported that the MBO price would be bumped by "about 30%". The stock popped 4.6%. 
Post-Close, the deal is bumped from ¥1,960 to ¥2,520 (+29%). Activist holders Murakami Group with 21.4% and Hibiki Path Advisors with 5.5% have agreed to tender. 
With the two main activists publicly engaged now agreed to tender, this looks like a done deal.


[Japan Activism] Mandom (4917) Holders Get an Early Win as MBO Bidder CVC Bumps 29%

Japan MBOs
Insights on Japanese MBOs

Raksul (4384 JP): Goldman-Backed Founder MBO Highlights Japan’s New Tech Take-Private Cycle

At ¥1,950, Raksul has shifted from arb to a governance squeeze: A14% negative spread shows investors are paying for a bump, not ¥1,710 certainty....

Rahul Jain

Raksul (4384 JP): GS-Sponsored MBO at JPY1,710

While the process is lacking, the offer is reasonable compared to peer multiples, analyst price targets and historical trading ranges. Barring an...

Arun George

Fast Fitness Japan (7092 JP): JGIA-Sponsored MBO Is a Done Deal

The offer is arguably light as it is below the mid-point of the IFA DCF valuation range. Nevertheless, this is a done deal as irrevocables exceed...

Arun George

[Japan Activism] Mandom (4917) Holders Get an Early Win as MBO Bidder CVC Bumps 29%

Activists activisted. The company agreed to open a new bidding process when activists got too big. Now the original MBO Bidco has agreed to bid up...

Travis Lundy

Raksul (4384 JP): Goldman-Backed Founder MBO Highlights Japan’s New Tech Take-Private Cycle

At ¥1,950, Raksul has shifted from arb to a governance squeeze: A14% negative spread shows investors are paying for a bump, not ¥1,710 certainty....

Rahul Jain

[Japan M&A] CEO & Chairman Entice GS to Sponsor an MBO for Recently Lackluster Raksul (4384)

Founder+CEO launch MBO with GS where GS gets 90% of the economics, 50% of the voting rights. This is 11x NTM EBITDA for mid-20s EBIT growth, near...

Travis Lundy

Raksul (4384 JP): GS-Sponsored MBO at JPY1,710

While the process is lacking, the offer is reasonable compared to peer multiples, analyst price targets and historical trading ranges. Barring an...

Arun George

Fast Fitness Japan (7092 JP): JGIA-Sponsored MBO Is a Done Deal

The offer is arguably light as it is below the mid-point of the IFA DCF valuation range. Nevertheless, this is a done deal as irrevocables exceed...

Arun George

[Japan Activism] Mandom (4917) Holders Get an Early Win as MBO Bidder CVC Bumps 29%

Activists activisted. The company agreed to open a new bidding process when activists got too big. Now the original MBO Bidco has agreed to bid up...

Travis Lundy