CVC Capital Partners agrees to sell leading personal care business FineToday to Bain Capital

CVC Capital Partners and Bain Capital, have reached an agreement for Bain Capital to acquire 100% of the outstanding shares of FineToday Holdings Co., Ltd. (“FineToday) from majority shareholder CVC Asia Fund Ⅴ (“CVC Asia V”) and other shareholders.

FineToday is a market leading personal care and beauty company with a strong portfolio of brands, many of them household names, including hair care products TSUBAKI, fino and recently launched +tmr, skin care brands SENKA and uno, body care labels, AG DEO24 and KUYURA. FineToday has a strong presence in Japan and an expanded footprint across key Asian markets, including China and Southeast Asia.

In 2021, CVC Asia V successfully completed the carve-out of FineToday from Shiseido, on a bilateral basis. Since this time, under CVC Asia V’s ownership, FineToday has successfully transformed into an established standalone business. Led by a first class management team, FineToday has accelerated product innovation and expanded its international sales footprint through strong growth in Southeast Asia and beyond. 

Tetsuo Komori, CEO of FineToday, said: “We would like to express our sincere appreciation to CVC, which has been a dedicated and valued partner since its investment in our business in 2021. Together, we have built FineToday, carved out from Shiseido, into a well-established leading daily beauty product company, encompassing R&D, manufacturing, marketing and sales. We are also delighted to welcome Bain Capital as a new shareholder and strategic partner. This transaction represents a strong endorsement of FineToday’s business platform, growth potential and track record of performance, and reflects Bain Capital’s strong confidence in our ability to deliver sustainable long-term corporate value.” 
 
Atsushi Akaike, a Managing Partner at CVC and Co-Head of CVC Japan, said: “In 2021, we worked closely with Shiseido for several years on the highly complex spin-off of its Personal Care business. Since becoming independent, the company has consistently achieved solid annual sales and profit growth of around 10%, even amid the ongoing challenges of the COVID-19 pandemic. We express our heartfelt gratitude and respect for the work of the management team and employees, as well as to Shiseido for its constant warm support, in establishing a solid position as an independent company that successfully passed the Tokyo Stock Exchange listing review. 

 At CVC, we take great pride in having provided comprehensive support to build strong foundations at FineToday and secure its growth trajectory, creating an outstanding enterprise together with Tetsuo Komori and his team. Although we were temporarily compelled to postpone the IPO due to geopolitical factors in the macro-environment, we hold strong expectations and confidence that, under Bain Capital, the company will achieve its IPO within a few years and subsequently achieve further growth as a Japan-based pan-Asian enterprise. We will continue to offer our wholehearted support as the company moves forward.”

Naofumi Nishi, Partner at Bain Capital, said: “We are pleased to support the continued growth of FineToday, which has established a strong presence in the personal beauty care market and earned broad consumer support across Japan and Asia. Building on FineToday’s strong product development capabilities and the brand platform developed with the support of CVC, Bain Capital will leverage its experience and expertise in the retail and consumer sectors to accelerate growth across Japan, Asia, and other global markets.”