Notice Regarding Completion of Sale of Class B Shares in SD Next Inc.
BeLot Inc. has completed the sale of its Class B preferred shares in SD Next Inc., achieving a 42% IRR. The investment, made in December 2025 for 500 million yen, was part of BeLot's M&A strategy. The sale occurred on April 1, 2026, following SD Next Inc.'s acquisition by Life Drink Company.
🤖 AI Analyzed: April 17, 2026 at 10:35 (351h 0m after Collected)
BeLot Inc. (Headquarters: Minato-ku, Tokyo; Representative Director: Makoto Miyauchi; TSE Standard: 3452) hereby announces that the sale of shares in SD Next Inc., in which it invested in December 2025 through Class B preferred shares, was completed as of April 1, 2026.
1. Overview of Corporate Investment and Sale
| Item | Content |
| ------------------------- | ------------------------------------------------ |
| Subject of Sale | Shares of SD Next Inc. (Voting rights ratio 25.0%) |
| Investment Execution Period | December 2025 |
| Investment Form | Class B Preferred Shares |
| Investment Amount | 500 million yen |
| Sale Completion Date | April 1, 2026 |
2. Background and Circumstances of Sale
As part of our medium-term management plan, we have set "Challenging the corporate investment and M&A domain" as one of our basic policies, and have been working to create new profit opportunities by leveraging the knowledge and network cultivated in the real estate domain.
Under this policy, in December 2025, we acquired an investment opportunity in SD Next Inc., which operates a vending machine business with over 3,000 locations nationwide.
This case involved conducting precise due diligence from financial, business, and legal perspectives within an extremely short period from the emergence of the investment opportunity, accurately assessing investment value and risks, and making a swift investment decision.
Furthermore, by adopting the form of Class B preferred shares in the investment scheme, we achieved agile investment decisions while ensuring the preservation of investment principal and suppression of downside risk compared to common shares.
Subsequently, it was decided that Life Drink Company, a company listed on the Tokyo Stock Exchange Prime market, would make SD Next Inc. a wholly-owned subsidiary.
In connection with this, our company exercised its rights for Class B shares, and the sale of shares to Sukimadepart Inc., the parent company of SD Next Inc., was realized.
(Source: Fiscal Year Ending December 2025 Financial Results Presentation Material)
3. Regarding Investment Performance
In this investment, we achieved a high investment return rate of 42% IRR. We believe this is a result of fully demonstrating the corporate valuation and investment judgment know-how that our company has cultivated through its M&A business to date.
We were able to make consistent, swift, and appropriate decisions from the discovery of investment opportunities to deal structuring and exit.
4. Future Policy
Based on the knowledge and achievements gained from this case, we will continue to actively enter the corporate investment and M&A domain going forward.
While utilizing flexible investment schemes such as preferred shares, we will promote investment activities that contribute to the acquisition of profit opportunities and enhancement of corporate value, while appropriately managing the balance between risk and return.
5. Impact on Performance
The impact of this share sale on the consolidated financial results for the current consolidated fiscal year is minimal.