Bain Capital has agreed to acquire 100% of FineToday Holdings, a leading Japanese personal care and beauty company, from CVC Capital Partners’s Asia Fund V and other shareholders, marking a high-profile transaction in Asia’s consumer sector.
FineToday, spun off from Shiseido in 2021, owns a portfolio of household-name brands spanning hair care, skin care, and body care, including TSUBAKI, fino, +tmr, SENKA, uno, AG DEO24, and KUYURA. The company has a strong foothold in Japan and has expanded across key Asian markets, notably China and Southeast Asia.
Under CVC Asia V’s ownership, FineToday transformed into a standalone enterprise, accelerating product innovation and expanding international sales. The company consistently posted roughly 10% annual growth in sales and profits, even amid the COVID-19 pandemic, according to CVC.
In an announcement on Monday, FineToday CEO Tetsuo Komori said the transaction “represents a strong endorsement of FineToday’s business platform, growth potential and track record of performance,” while expressing gratitude to CVC for its support during the spin-off from Shiseido.
Atsushi Akaike, managing partner at CVC and co-head of CVC Japan, highlighted the firm’s role in laying the company’s foundations. “Although we were temporarily compelled to postpone the IPO due to geopolitical factors, we hold strong expectations that under Bain Capital, the company will achieve its IPO within a few years and subsequently grow as a Japan-based pan-Asian enterprise,” he said.
Naofumi Nishi, a partner at Bain Capital, said the firm aims to leverage its expertise in the retail and consumer sectors to accelerate FineToday’s growth across Japan, Asia, and other global markets, building on the brand platform developed with CVC.
The deal underscores continued investor appetite for consumer brands in Asia and represents a strategic shift as private equity firms increasingly back standalone Japanese companies with pan-Asian expansion potential.
