Global private equity major Carlyle Group is gearing up to sell portfolio company Tokiwa, a Japanese cosmetics supplier, and is eyeing a potential deal value of around $800m, according to a report by Reuters.
The report cites three unnamed sources with knowledge of the matter as confirming that the sale process is now underway with non-binding bids from potential acquirers including several companies in the cosmetics sector as well as other private equity firms, expected by mid-March.
Jefferies and SMBC Nikki Securities are reportedly advising Carlyle on the sale of the 75-year-old company, which has an EBITDA of about $50m and specialises in eyeliners and brow defining pencils for global cosmetics brands.
Carlyle invested an undisclosed sum in Tokiwa in 2019 via its third Japan-focused buyout fund to support the companies expansion into international markets.
