Bain Capital Reaches Agreement with CVC Capital Partners for the Acquisition of FineToday Holdings

TOKYO - February 2, 2026 - Bain Capital, a leading global private investment firm, February 2, announced that it has entered into a definitive agreement with Oriental Beauty Holding(HK) Limited, a fund advised by CVC Capital Partners plc ("CVC"), for the acquisition of all shares of FineToday Holdings Co., Ltd. ("FineToday"). 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, and body care labels, Ag DEO 24 and KUYURA. FineToday has a strong presence in Japan and an expanded footprint across key Asian markets, including China and Southeast Asia.

Bain Capital, CVC, and FineToday have each stated the following.

Naofumi Nishi, a 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."

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."

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."

Bain Capital has extensive experience of supporting businesses in the retail and consumer goods sectors, including retailers such as YORK Holdings and Kirindo, as well as brands such as MASH Holdings, Snow Peak, and Canada Goose. Leveraging full use of this experience and expertise, Bain Capital will support FineToday's sustainable growth from multiple angles, working closely with Bain Capital's teams across our global platform, in partnership with management and employees.

Bain Capital's financial advisor is Nomura Securities Co.,Ltd., and its legal advisors are Anderson Mori & Tomotsune and Ropes & Gray LLP.

About Bain Capital
Bain Capital is an international investment firm that creates a lasting impact on and for investors, teams, businesses, and communities. Since our foundation in 1984, Bain Capital has leveraged insight and experience to achieve intrinsic growth in several investment areas, including private equity, credit, public equity, venture capital, real estate, life sciences, insurance, and other strategic focus areas. We have 24 offices on 4 continents, over 1,950 employees, with approximately US$ 215 billion in assets under management.
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