Private equity firm CVC Capital Partners has agreed to sell its Japanese personal care portfolio company FineToday to Bain Capital in a transaction valued at approximately JPY200bn ($1.29bn), according to a report by Reuters citing an unnamed source familiar with the matter.
FineToday, headquartered in Tokyo, was created in 2021 when Shiseido carved out its personal care unit and sold it to CVC for JPY160bn. The company manufactures haircare, skincare and deodorant products under brands including Tsubaki, Fino, Senka, Uno, Ag Deo24 and Kuyura, with roughly half of sales generated outside Japan, led by China.
The sale follows FineToday’s second failed attempt to list on the Tokyo Stock Exchange in October 2025, when market conditions caused the IPO to fall short of CVC’s valuation expectations. In the first half of 2025, FineToday reported JPY56.6bn in revenue with an adjusted EBITDA margin of 21%, up from 15.5% the prior year.
Reuters did not report comment from Bain Capital and CVC on the deal value.
