Bain Said to Make Binding FineToday Bid, Eyes Asia Beauty Market

Bain Capital has made a binding offer for Japanese personal-care group FineToday Holdings Co., according to people familiar with the matter, as the global buyout firm seeks to capitalize on the business’s footprint in key Asian markets including China.

Bain’s rivals KKR & Co. and Blackstone Inc. were in the bidding race but have withdrawn, the people said, asking not to be identified discussing private matters.

Negotiations are ongoing and may not result in a deal, they said.

A spokesperson for FineToday declined to comment. Bain, KKR and Blackstone also declined to comment.

FineToday’s haircare and skincare portfolio includes ...