Japanese cosmetics company Mandom Co. has announced plans to go private through a management buyout (MBO) involving the founding family and senior executives. On Sept. 10, the company revealed that Calon Holdings, a special purpose company established for the acquisition, will launch a tender offer at ¥1,960 per share, targeting approximately 40.5 million shares for a total of ¥79.3 billion. If the transaction proceeds, Mandom will delist and discontinue its shareholder benefits program beginning with the fiscal year ending March 2026.
Founded in 1927, Mandom entered overseas markets as early as 1958, starting with the Philippines. It has since expanded across Asia through joint ventures in Singapore, Taiwan, Thailand, the Philippines and Hong Kong, and in 1993 listed its shares on the Jakarta Stock Exchange (now the Indonesia Stock Exchange). The company was listed on the Tokyo Stock Exchange’s Second Section in 2002, advanced to the First Section in 2003, and is currently listed on the Prime Market.
The move to go private comes as Mandom looks to strengthen its competitiveness in ASEAN, particularly in Indonesia, where population growth and rising incomes offer significant long-term potential. In recent years, however, limited marketing investment and a slow response to changing market conditions have eroded the company’s market position and profitability, while Japan’s cosmetics market has seen stagnating growth. Mandom concluded that privatization would allow it to accelerate marketing investments, improve profitability, and enhance brand value under a stable management structure focused on long-term value creation, free from the pressures of short-term market performance.
The tender offer remains subject to regulatory approvals, including competition law clearances in Japan and Vietnam. Calon Holdings, established in July 2025, is a wholly owned subsidiary of Calon J Group Holdings, itself fully controlled by funds advised by global private equity firm CVC Capital Partners. With assets under management of approximately €202 billion (about ¥35 trillion), CVC has a track record of investing in Japanese companies such as FineToday, TechnoPro and Macromill.
Mandom Chairman Motonobu Nishimura and President & CEO Takeshi Nishimura, both members of the founding family, are expected to remain in their leadership roles following the transaction.
