ON THE MARKETTokiwa Corp: Jefferies and SMBC Nikko Securities are advising private equity firm Carlyle Group on the sale of Japanese cosmetics supplier Tokiwa Corp. The 75-year-old company claims to be the leading OEM beauty company in Japan, holding more than 400 patents with production research and development capabilities in Japan, the USA, and China. The company has about $50 million in EBITDA and is aiming for a high-teen multiple that would value the company at around $800 million, according to Reuters. Carlyle invested in Tokiwa Corp. in 2019 through its Japan-focused buyout firm. The potential buyers for the asset are other private equity firms or beauty industry players.TESTING THE WATERSRare Beauty: Selena Gomez's three-year-old Rare Beauty has hired investment banks Goldman Sachs and Raymond James to assess potential options for the business. The bankers are fielding interest from firms looking to invest in or acquire the company, but a formal process has not been initiated. BOF reported that the brand had crossed $400 million in net sales in the 12 months ending in February, with nearly half the revenue coming from international markets. The brand has an exclusive retail relationship with Sephora. The brand appears to be in no hurry to land a deal, but with a valuation of $2 billion, the pool of potential buyers is limited and a sale is only one option. Other options include a partnership with a private equity sponsor or an IPO. Gomez has said she will remain involved regardless of the outcome.Kosas Cosmetics: The Los Angeles–based clean makeup brand founded by Sheena Zadeh-Daly in 2015 has hired investment bank North Point to explore sale options.