Press Release
March 29, 2019
TOKIWA Corporation

TOKIWA Corporation to Form Strategic Business and Capital Alliance withThe Carlyle GroupTokyo, Japan - TOKIWA Corporation, a global cosmetics company, engaging in the research,development and manufacturing of cosmetic products (Headquarters: Nakatsugawa, Gifu;“TOKIWA”), today announced that it has agreed on a strategic business and capital alliancewith The Carlyle Group (Head of Carlyle Japan: Kazuhiro Yamada, Headquarters: Washington
D.C.; “Carlyle”), with the aim of accelerating its growth in overseas markets and becoming a“valuable global company that can continue to grow forever.”Carlyle is a global investment firm with $216 billion of assets under management as ofDecember 31, 2018. As one of the first global players to enter the Japanese market, Carlyle
has engaged in investment activities in Japan since 2000, with 25 investments. In addition,
Carlyle has a track record of successful investments in cosmetics companies, including
Philosophy, Vogue International, as well as prestige brands such as Moncler. Its investment
portfolio includes Oyatsu Company, Ltd., a savory snack manufacturer that has established anationwide brand “Baby Star”; Meisui Bijin Factory Co., Ltd., a manufacturer of the bestselling bean sprouts brand in Japan; and Orion Breweries, Ltd., one of the most popular
breweries in Japan that has the largest share of the beer market in Okinawa. Carlyle, withdeep roots in Japan, has a strong track record of supporting Japanese companies’ businessexpansion overseas, as well as enhancing their operational efficiency and strengthening
their management infrastructure.
Through the alliance, Tokiwa will work with Carlyle to establish itself as a global leader inthe cosmetics manufacturing industry, by expanding its business operations and itsfootprint not only in Japan but globally. TOKIWA will leverage Carlyle’s in-depth knowledgeof the cosmetics and consumer industries, corporate management skills, as well as its global
network, to strengthen marketing efforts and brand positioning in the growing global
cosmetics market and lay the foundations for overseas expansion. This will enable TOKIWA
and its partner companies to achieve further growth and deliver additional value toconsumers, and realize its corporate philosophy to become a “valuable global company thatcan maintain sustained, long-term growth”. The current management members of TOKIWA,
led by Executive Vice President Hitomi Hibino and executive officers, will continue to leadthe business.
Yusuke Watanabe, Director of the Carlyle Japan advisory team, said, “We are very pleased tohave been chosen as TOKIWA’s strategic partner. We will work to enhance TOKIWA’s
business operations, assist its marketing efforts, and expedite the company’s domestic andoverseas expansion. We look forward to working with TOKIWA as the company continues tocreate ’beauty, emotion and joy‘ for its customers around the world.”

Hitomi Hibino, Executive Vice President of TOKIWA, said, “Since our founding, we havecontinued to change and innovate. With ‘Sustainable Innovation’ as our motto, we havealways strived to turn our customers‘ confidence into lasting trust. We are pleased to workwith Carlyle, which has a proven record in Japan and will add impetus to our organization’sinitiatives.”
Carlyle’s equity for this transaction will come from Carlyle Japan Partners III, L. P., Carlyle‘sthird buyout fund in Japan.
About The Carlyle GroupThe Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertisethat deploys private capital across four business segments: Corporate Private Equity, RealAssets, Global Credit and Investment Solutions. With $216 billion of assets undermanagement as of December 31, 2018, Carlyle’s purpose is to invest wisely and create value
on behalf of our investors, portfolio companies and the communities in which we live andinvest. The Carlyle Group employs more than 1,650 people in 31 offices across six continents.
The Carlyle Group is the only global investment firm that has dedicated Japan buyout fundsdenominated in Japanese yen. Carlyle’s Japan buyout funds, which have made 25
investments in Japan, have experience supporting Japanese companies’ business expansion
overseas, enhancing their operational efficiency and strengthening their management
infrastructure.
About TOKIWA Corporation
Company Overview
Name

TOKIWA Corporation

Establishment July, 23, 1948
Head OfficeBusiness
Description

Key
Subsidiaries

3-20, Momoyamacho, Nakatsugawa, Gifu
Research, development and manufacturing of cosmetics (for detail,please refer to the website:
https://www.tokiwa-corp.com/)
TOKIWA HOLDINGS AMERICA, INC. (US)TOKIWA COSMETICS AMERICA, LLC. (US)KUNSHAN TOKIWA COSMETICS CO., LTD. (China)
TOKIWA SUBIC CORPORATION (Philippines)
SONAX CORPORATION (headquartered in Saitama, Japan)

Press Contact:
Tokiwa Corporation
Tadashi Miyazaki
Phone: +81 (0)3-3914-2111
E-mail：tadashi.miyazaki@tokiwa-corp.com