Bain to acquire FineToday for around $1.29bn

April 2026 | DEALFRONT | PRIVATE EQUITY & VENTURE CAPITAL

Financier Worldwide Magazine

April 2026 Issue

Private equity (PE) firm CVC Capital Partners has agreed to sell Japanese personal care company FineToday to Bain Capital in a transaction valued at around $1.29bn. The deal marks a significant development in Japan’s consumer goods sector and comes after FineToday’s repeated attempts to list on the Tokyo Stock Exchange were postponed due to market conditions.

FineToday is best known for its Tsubaki shampoo brand and operates across hair care, skin care and wider personal care categories. Headquartered in Tokyo, the company manufactures a range of products under established brands including Tsubaki, Fino, Senka, Uno, Ag Deo24 and Kuyura. Approximately half of its revenue is generated outside Japan, with China remaining a key market. The company also markets additional Senka products and the Uno men’s skincare, makeup and hair styling range.

FineToday was created in 2021 following the separation of Shiseido’s personal care unit, which CVC acquired for Y160bn. Under CVC’s ownership, the company built a standalone business encompassing research and development, manufacturing, marketing and sales. Its brands have continued to perform strongly across Asia, reflecting stable consumer demand and expanding regional interest in Japanese personal care products.

The acquisition continues a broader trend of increasing PE engagement in Japanese consumer brands, driven by reliable domestic demand and opportunities for international growth. It also represents a further expansion of Bain Capital’s activity in Japan, where global firms have become increasingly active. Bain Capital currently manages assets of around $215bn worldwide.

“We would like to express our sincere appreciation to CVC, which has been a dedicated and valued partner since its investment in our business in 2021,” said Tetsuo Komori, chief executive of FineToday. “Together, we have built FineToday, carved out from Shiseido, into a well-established leading daily beauty product company, encompassing R&D, manufacturing, marketing and sales. We are also delighted to welcome Bain Capital as a new shareholder and strategic partner. This transaction represents a strong endorsement of FineToday’s business platform, growth potential and track record of performance, and reflects Bain Capital’s strong confidence in our ability to deliver sustainable long-term corporate value.”

Atsushi Akaike, managing partner at CVC and co-head of CVC Japan, noted that CVC worked closely with Shiseido in 2021 on the complex separation of its personal care division. Since becoming an independent business, the company has delivered steady annual revenue and profit growth of about 10 percent, despite the continued challenges stemming from the COVID‑19 pandemic.

He also mentioned that although the planned IPO was delayed due to geopolitical and market conditions, the company remains well positioned to pursue a listing in the future under Bain Capital’s ownership.

“We are pleased to support the continued growth of FineToday,” said Naofumi Nishi, a partner at Bain Capital. “Building on FineToday’s strong product development capabilities and brand platform developed with the support of CVC, Bain Capital will leverage its experience and expertise to accelerate growth across Japan, Asia and other global markets.”

The sale follows FineToday’s decision to abandon its latest attempt at a Tokyo Stock Exchange listing in late 2025. The company had anticipated a market capitalisation of around $1.08bn, although earlier plans had targeted a higher valuation. Market volatility and weaker investor appetite contributed to both postponements. Despite the shelving of the IPO, the business has demonstrated consistent expansion. FineToday reported Y107.3bn in revenue for 2024 and Y56.6bn in the first half of 2025. Its adjusted EBITDA margin improved to 21 percent, up from 15.5 percent the previous year.

The transaction with Bain Capital offers CVC an exit after two unsuccessful IPO attempts, while positioning FineToday to pursue renewed growth and future listing prospects with strengthened strategic backing.

Richard Summerfield