Bain Capital submitted a binding offer for FineToday Holdings, positioning itself as the frontrunner in the sale process. Rivals KKR and Blackstone have withdrawn from bidding, though discussions remain ongoing and a deal is not guaranteed. The Japanese personal care company was formed in 2021 after CVC Capital Partners acquired Shiseido’s personal care business for about $1.5 billion.

FineToday’s portfolio includes drugstore brands like Tsubuki shampoo and spans 11 Asian markets, with China as its second-largest after Japan. The company previously cancelled IPO plans twice after investors balked at its valuation, most recently targeting ¥169 billion, down from an initial ¥219 billion goal. This reflects broader investor caution in the sector.

Japan’s M&A market hit a record $350 billion in 2025, fueled by governance reforms and corporate divestitures. Bain was among the most active buyers, announcing over $10 billion in Japanese deals last year. Acquiring FineToday would add a resilient Asian consumer platform to Bain’s portfolio as private equity seeks stable growth in beauty and personal care.