THE WHAT? CVC Capital Partners is exploring a sale of Japanese personal care company FineToday after postponing its planned Tokyo IPO.
THE DETAILS FineToday delayed its listing in October after targeting a valuation of around ¥169 billion (US$1.08 billion), below earlier expectations. Sources say CVC is now seeking a valuation of over US$2 billion, equivalent to 14–15x EBITDA, and has drawn interest from global private equity firms and at least one Chinese strategic investor.
Formed in 2021 following Shiseido’s divestment of its personal care unit, FineToday owns brands including Tsubaki, Fino and Senka. The company generated ¥107.3 billion (US$689 million) in revenue in 2024, with adjusted EBITDA margins rising to 21%. China and Hong Kong account for more than a third of sales, leaving the business exposed to geopolitical and consumer sentiment risks.
THE WHY? The potential sale underscores private equity caution around Asian IPOs and the increasing influence of China exposure and geopolitics on exit timing and valuations.
Source: Reuters
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