CSRI, an independent Japanese buyout firm, will launch a tender offer for Kaji Technology at ¥7,957 per share to take the hydrogen-station compressor maker private, the companies said on 10 November 2026. Including the planned buyback of parent Mitsui E&S's 51.06% stake, the transaction is worth about ¥11.5bn (US$73m) by our calculation.
Why CSRI No.17 Co., Ltd. (fund managed by Corporate Support Research Institute, CSRI) is buying Kaji Technology Corporation
Mitsui E&S said that taking Kaji Technology private would let the compressor maker pursue investment in people, overseas expansion and M&A more flexibly, while ending the conflicts of interest inherent in a listed subsidiary and allowing Mitsui E&S to focus resources on marine propulsion and logistics systems. Kaji Technology, founded in 1905, is Japan's leading maker of high-pressure compressors for fuel-cell vehicle hydrogen stations.
Deal terms and financing
The offer price is a 53.91% premium to the 9 November close of ¥5,170. Mitsui E&S has agreed not to tender its 844,546 shares; after a share consolidation squeezes out other holders, Kaji Technology will buy them back at ¥5,988 a share, a price set so that Mitsui E&S's after-tax proceeds equal those from tendering. The offer runs from 11 November to 23 December 2026 with a minimum of 258,300 shares. CSRI's vehicle will be funded by an Aozora Bank loan to its parent.
Regulatory approvals and timing
Kaji Technology's shares are expected to be delisted from the TSE Standard Market after the squeeze-out. The Tokyo Stock Exchange designated the stock as a security under supervision on 10 November.
Market context
Mitsui E&S ran a two-round auction through Daiwa Securities from June 2026, and CSRI was one of two bidders admitted to the second round. CSRI, founded in 2022, combines private equity investment with search-fund style executive support for mid-sized and small Japanese companies.
