Bain Capital agreed on 2 February to acquire FineToday Holdings, the Japanese maker of Tsubaki hair care and Senka skin care products, from a fund advised by CVC Capital Partners, in a deal reported to be worth about $1.29bn.
Why Bain Capital is buying FineToday Holdings Co., Ltd.
Bain said it would use its retail and consumer experience to accelerate FineToday's growth in Japan, Asia and global markets. CVC said the company had delivered annual sales and profit growth of about 10% since independence and expected it to list within a few years under Bain.
Deal terms and financing
Bain acquires 100% of FineToday from Oriental Beauty Holding (HK), a CVC-advised fund, and other shareholders. Terms were not disclosed; Financier Worldwide put the value at about $1.29bn.
Regulatory approvals and timing
CVC and Bain Capital announced on 1 June 2026 that Bain had completed the acquisition of all outstanding shares.
Market context
FineToday was created in 2021 when Shiseido sold its personal care business to CVC for ¥160bn. About half of its revenue comes from outside Japan, with China a key market. Japan has become one of the busiest markets for sponsor-to-sponsor deals.
