Bain Capital Acquires FineToday for $1.29B in Japan's Largest Consumer Buyout
Bain Capital's $1.29B acquisition of FineToday marks Japan's largest consumer buyout. The deal follows failed IPO attempts and signals PE appetite for Asian personal care brands with China exposure.
Private equity firm Bain Capital has acquired Japanese personal care company FineToday from CVC Capital Partners for 200 billion yen (~US$1.29 billion), marking Japan's largest consumer sector buyout in 2026. The transaction, announced Monday, follows FineToday's two failed attempts to list on the Tokyo Stock Exchange.
Failed IPO Drives Private Sale
The sale comes after FineToday abandoned its second IPO attempt in October, when market conditions pushed the company's valuation to approximately 169 billion yen (US$1.09 billion). That figure fell 23% short of the 219 billion yen (US$1.41 billion) target set during a 2024 listing attempt. Following the postponement, CVC decided to pursue a private sale instead of continuing to push for public markets.
The transaction represents a 25% premium over the 160 billion yen (~US$1.03 billion) CVC paid when it acquired FineToday from Shiseido in 2021. Under CVC's ownership, the Tokyo-based company achieved 10% annual sales and profit growth while expanding its presence across Asian markets.
"CVC built strong foundations for future IPO," said Atsushi Akaike, CVC Asia Managing Partner. The firm improved FineToday's adjusted EBITDA margin to 21% in the first half of 2025, up from 15.5% in 2024, demonstrating significant operational improvements during its ownership period.
China Exposure Drives Growth Strategy
FineToday's international expansion proved critical to the deal's rationale. In the six months ending June 30, 2025, China and Hong Kong accounted for 35.9% of revenue, while Japan contributed 44.3%. The company reported revenue of 56.6 billion yen (~US$365 million) in the first half of 2025, reflecting 5.7% year-over-year growth.
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The company produces and markets haircare, skincare, and deodorant products under multiple brands including Tsubaki, Fino, Senka, Uno, Deo24, and Kuyura. The Tsubaki shampoo brand anchored the portfolio with 10% annual growth under CVC's ownership despite COVID-19 impacts.
Naofumi Nishi, Bain Capital Partner, stated: "We will accelerate FineToday's growth in Japan, Asia, and global markets." The firm plans to use FineToday's existing distribution networks in Singapore, South Korea, and China to expand further into Southeast Asian markets.
Sponsor-to-Sponsor Deals Rise in Japan
The transaction reflects broader shifts in Japan's private equity landscape, where firms increasingly pursue private sales rather than public listings. Geopolitical tensions between Japan and China delayed FineToday's 2024 and 2025 IPO attempts, directly impacting a business that generates 40% of sales from China and Hong Kong markets.
The deal aligns with record M&A activity in Japan, where 2025 saw 30 trillion yen (~US$193 billion) in domestic transactions driven by Tokyo Stock Exchange governance reforms and non-core divestments. Sponsor-to-sponsor transactions like the Bain-CVC deal are becoming more common as private equity firms seek exits that avoid public market volatility.
FineToday was established in 2021 when Shiseido carved out its personal care division to focus on premium beauty products. The carveout strategy allowed CVC to streamline operations and pursue aggressive Asian expansion, positioning the company for its eventual sale to Bain Capital at a significant premium to both the original acquisition price and the failed IPO valuations.
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