Shareholders of FineToday Holdings are receiving dividend payouts financed by a $350m private credit loan arranged by Goldman Sachs Asset Management, in one of the latest examples of private equity sponsors using debt to return capital to investors, according to a Bloomberg report.

The five-year loan was issued to a special purpose vehicle, with proceeds earmarked for shareholder distributions and potential bolt-on acquisitions. Dividend recapitalisations have accelerated across private markets as sponsors face limited exit options and pressure to return cash to LPs.

FineToday’s ultimate owner is CVC Capital Partners, which holds the business through several vehicles. Representatives for CVC and Goldman Sachs Asset Management declined to comment. FineToday said it had no knowledge of the shareholders’ financing arrangements.

The Japanese personal care company cancelled its planned Tokyo IPO for a second time in October, citing market conditions. Bloomberg reported last month that the firm is now considering a sale of a controlling stake after the failed $127m listing attempt.

Goldman Sachs Asset Management is raising some of its largest funds to support private equity-backed companies seeking liquidity. The trend reflects a wider shift in Asia’s private credit market as sponsors look for alternative financing tools.

FineToday was created in 2021 following Shiseido’s spinoff of its personal care unit. Last year, CVC-backed Oriental Beauty Holding acquired 20% of the company. FineToday’s portfolio includes haircare and skincare brands such as Tsubaki, Fino, Senka, and Uno.

If you think we missed any important news, please do not hesitate to contact us at [email protected].

Can`t stop reading? Read more.