Bain Capital has submitted a binding offer for Japanese personal care company FineToday Holdings, emerging as the frontrunner in the sale process, according to Bloomberg.

People familiar with the matter said Bain’s rivals KKR and Blackstone have withdrawn from the bidding. Discussions remain ongoing and may still fail to result in a transaction.

FineToday was established in 2021 following the sale of Shiseido’s personal care business to CVC Capital Partners in a deal valued at about $1.5bn. The company’s portfolio includes Japanese drugstore brands such as Tsubaki shampoo and spans 11 markets across Asia, with China its second-largest market after Japan.

The business has previously explored public listings but cancelled IPO plans twice after investors pushed back on valuation expectations. The most recent attempt targeted a valuation of ¥169bn, down from an initial goal of ¥219bn.

Japan saw a record year for mergers and acquisitions in 2025, with transaction volumes nearing $350bn, driven by corporate governance reforms and a wave of non-core asset disposals. Bain was among the most active buyers, announcing more than $10bn of deals in the country last year.

The potential acquisition would add another Asian consumer platform to Bain’s global portfolio, as buyout firms continue to seek growth in resilient beauty and personal care categories.

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