CVC Asia Fund V and other shareholders have reached an agreement for Bain Capital to acquire 100% of FineToday’s outstanding shares, positioning the personal care and beauty company for its next phase of growth under new ownership.
FineToday is described as a market-leading business with a portfolio of household-name brands across hair care, skin care, and body care, including TSUBAKI, fino, +tmr, SENKA, uno, AG DEO24, and KUYURA. The company has a strong presence in Japan and an expanded footprint across key Asian markets, including China and Southeast Asia.
CVC said it completed the carve-out of FineToday from Shiseido in 2021 on a bilateral basis, and that FineToday has since transformed into an established standalone company. Under CVC’s ownership, the firm said FineToday accelerated product innovation and expanded international sales, citing strong growth in Southeast Asia and beyond.
CVC also said FineToday delivered solid annual sales and profit growth of around 10% after becoming independent, and noted that an IPO was temporarily postponed due to geopolitical factors in the macro-environment. Bain Capital said it plans to build on FineToday’s product development capabilities and brand platform to accelerate growth across Japan, Asia, and other global markets.
KEY QUOTES
“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.”
Tetsuo Komori, CEO of FineToday
“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.”
Atsushi Akaike, Managing Partner at CVC and Co-Head of CVC Japan
“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.”
Naofumi Nishi, Partner at Bain Capital
