CVC to sell personal care business FineToday to Bain Capital in 200 billion yen deal: source

The sale comes a few months after FineToday’s second attempt to list on the Tokyo Stock Exchange failed in October

Published Mon, Feb 2, 2026 · 11:12 PM

Private equity firm CVC Capital Partners has agreed to sell Japanese personal care company FineToday to Bain Capital, in a deal worth around 200 billion yen (US$1.29 billion), a person with direct knowledge of the matter said on Monday (Feb 2).

The two firms announced the agreed transaction on Monday without disclosing financial details.

Bain Capital declined to comment on the deal value while CVC did not immediately respond to a Reuters request for comment.

Nikkei first reported the deal value on Sunday.

The sale comes a few months after FineToday’s second attempt to list on the Tokyo Stock Exchange failed in October.

The company behind the Tsubaki shampoo brand cited market conditions at the time but sources told Reuters the IPO valuation fell short of CVC’s expectations.

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FineToday was expected to debut with a market capitalisation of about 169 billion yen (S$1.4 billion) in the October IPO. The company had previously targeted roughly 219 billion yen in a 2024 attempt to go public.

CVC opted for a sale of the business after the October IPO was postponed, sources said in December.

FineToday was created in 2021 after Shiseido carved out its personal-care unit and sold it to CVC in a 160 billion yen deal.

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The Tokyo-based company manufactures and markets haircare, skincare and deodorant products under brands including Tsubaki, Fino, Senka, Uno, Deo24 and Kuyura, according to its official website and IPO filing.

About half of its sales come from overseas markets, including South Korea and Singapore, with China a key market. In the six months ended Jun 30, 2025, 35.9 per cent of revenue came from China and Hong Kong, while Japan contributed 44.3 per cent, the filing showed.

FineToday posted 107.3 billion yen revenue in 2024 and 56.6 billion yen in the first half of 2025, with an adjusted Ebitda margin improving to 21 per cent from 15.5 per cent a year earlier, according to the filing. REUTERS

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