2026.02.13 Fri
Commencement of Tender Offer for Shares of Watt Mann Co., Ltd. (Securities Code: 9927)
February 13, 2026
IA Partners Inc.
Today, IAPF3 Co., Ltd. (hereinafter referred to as the “Tender Offeror”), a subsidiary of IA Partners No. 1 Investment Limited Partnership managed by IA Partners Inc. (Representative Director: Hiroshi Murakami, hereinafter referred to as “IAP”), has decided to make a tender offer to acquire all outstanding shares of common stock of Watt Mann Co., Ltd. (hereinafter referred to as the “Target Company”), listed on the Tokyo Stock Exchange Standard Market (excluding shares subject to non-tender agreement as defined in the attached materials, and treasury shares held by the Target Company). This tender offer is part of a series of transactions (hereinafter referred to as the “Transaction”) to acquire all outstanding shares of common stock of the Target Company for the purpose of taking the shares of the Target Company private.
The Target Company originated as an electronics retail chain store established in September 1978. It entered the reuse business as a new venture in 2002, subsequently transitioning its business model to focus entirely on reuse business starting in 2004. It currently operates over 50 stores within Kanagawa Prefecture. Through its comprehensive reuse business, which purchases and sells a wide range of products across over 200 categories—including clothing, fashion accessories, home appliances, musical instruments, books, and game software—under the motto “We Buy Everything (Tokoton Kaitori),” the Target Company contributes to realizing an environmentally friendly, circular society.
IAP focuses its investment activities on investing in large and medium-sized companies and supporting the carve-out of their group companies and business units, strengthening their management bases and unlocking their growth potential through M&A and other measures. Following this Transaction, IAP will provide comprehensive managerial and financial support to achieve growth strategies. These include strengthening new store openings in the comprehensive reuse and used camera businesses, pursuing capital and business alliances or M&A with competitors, and expanding the new product e-commerce business. Working closely with the Target Company’s executives and employees, IAP aims to achieve further growth and enhance corporate value over the medium to long term, extending beyond the investment period.
Under the slogan “Invest and Associate as a Partner,” IAP is committed to creating not only economic value but also social value by meeting the expectations of all stakeholders—including employees, customers, business partners, society, and shareholders—through its investment activities.
Overview of Watt Mann Co., Ltd.
| Name | Watt Mann Co., Ltd. |
| Date Established | September 1, 1978 |
| Headquarters | 1-27-13 Tsurugamine Honcho, Asahi-ku, Yokohama City, Kanagawa Pref. |
| Representative | Yasufumi Kawabata |
| Business Description | Reuse Business (Purchasing and selling clothing, fashion accessories, home appliances, books, game software, etc.) |
| Capital | 500,000,000 yen |
| Number of Employees | 579 (as of March 31, 2025) |
| Number of Stores | 59 stores (as of March 31, 2025) |
Overview of IA Partners Co., Ltd.
| Name | IA Partners Inc. (https://iapartners.jp/) |
| Date Established: | March 30, 2021 |
| Headquarters | 5F, Toranomon 40MT Building, 5-13-1 Toranomon, Minato-ku, Tokyo |
| Representative | Hiroshi Murakami |
| Business Activities | Management and administration of private equity funds, and investment advisory services (*Clients for our investment advisory services are limited to specified investors as defined in the Financial Instruments and Exchange Act) |
| Registered License | Director of Kanto Local Finance Bureau (Kinsho) No. 3284 (Investment Advisory and Agency Business) |
For inquiries regarding this release, please contact
IA Partners Inc.
Tel: 03-6432-4710
E-mail: info@iapartners.jp
(Attachment)