Private equity firm CVC Capital Partners is pursuing a sale of Japanese personal-care company FineToday Holdings, owner of the Tsubaki shampoo brand, following the postponement of its Tokyo IPO, according to a report by Reuters citing unnamed sources familiar with the matter.
FineToday had initially aimed for a market capitalisation of around JPY169bn ($1.08bn) in its October IPO, well below CVC’s internal expectations. The PE firm is now reportedly targeting a valuation of over $2bn, or roughly 14–15x EBITDA, attracting interest from global buyout firms and at least one Chinese strategic investor.
Created in 2021 after Shiseido spun off its personal-care unit, FineToday generates about half its revenue from overseas markets, with China contributing 36% and Japan 44% of sales in the first half of 2025. The company posted JPY107.3bn ($689m) in revenue for 2024 and improved its adjusted EBITDA margin to 21% from 15.5% a year earlier.
