News Release

Carlyle Announces Sale of Tokiwa Cosmetics Group to Nihon Kolmar Holdings

Tokyo, Japan – June 6, 2024 – Global investment firm Carlyle (NASDAQ: CG) today announced it has agreed to sell 100% of Tokiwa Cosmetics Group (collectively with Tokiwa Corporation and its subsidiaries, “Tokiwa”), a global cosmetics research, development and manufacturing company, to Nihon Kolmar Holdings (collectively with TOA Inc., its 100% subsidiary, “TOA Group”), Japan’s largest cosmetics ODM/OEM manufacturer. Terms of the transaction were not disclosed.

Founded in 1948 and headquartered in Nakatsugawa, Gifu Prefecture, Tokiwa is engaged in the research, development and manufacturing of cosmetic products and is a major supplier to the global cosmetics industry. The business has approximately 400 patented technologies worldwide, and supplies to leading beauty brands.

Since the investment in Tokiwa in 2019, Carlyle has worked closely with the management team to deliver strong growth, both domestically in the Japanese market but also internationally, including in the U.S and China. This has been achieved by expanding the sales and marketing functions, increased production capacity, and improving the sustainability features of its products. Furthermore, management was strengthened through the implementation of a management team with deep industry knowledge.  

Yusuke Watanabe, a Managing Director in the Carlyle Japan advisory team, said, “We have been delighted to partner with Tokiwa over the last five years and support its growth strategy. Through increased production capacity, a strengthened sales & marketing approach, an improved R&D structure, and supply chain optimization, the business has been able to innovate faster, become more globally oriented, and improve operationally. I would like to thank the management and employees of Tokiwa and wish them continued success with TOA Group.”

Yoshihide Kanzaki, President, TOA Inc., said, “Since its foundation in 1912, we have been continuously engaged in the cosmetics business for more than a century, and we have met the needs of various business partners as the largest group company within the domestic cosmetics contracting market. We are pleased to be working with a strong partner like Tokiwa as we continue to provide high value-added services and further promote global expansion. Together with everyone at Tokiwa, we will work as one group company in which everyone can play an active role while taking on new challenges for the next 100 years as the largest Japanese group company within the domestic cosmetics contract manufacturing industry.”

Carlyle has a strong track record of helping its portfolio companies drive business growth and value creation. Carlyle’s Japan buyout platform has invested more than JPY 450 billion across approximately 40 private equity investments since 2000 and has a well-established history of investing in the Consumer, Retail and Healthcare sector in Japan. Investments in this space include Orion Breweries, Meisui Bijin Factory, Sunsho Pharmaceutical, The Oyatsu Company, and Solasto.

Jefferies and SMBC Nikko Securities Inc. served as financial advisors and Nishimura & Asahi (Gaikokuho Kyodo Jigyo) served as legal advisor to Carlyle for the transaction.


About Carlyle 
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $425 billion of assets under management as of March 31, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 28 offices across four continents. Further information is available at For more, follow Carlyle on X and LinkedIn.


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