Private equity firm the Carlyle Group has bought a minority stake in Chinese milk formula maker Yashili.
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Carlyle Asia Partners took a 17.3% stake in Guangdong-based Yashili, it was announced yesterday (20 September). Financial details were undisclosed.
Buoyed by rising affluence and urbanisation, China’s infant formula market has been growing strongly but it was hit by the melamine scandal last year.
As part of the agreement, Carlyle will set up a food safety expert committee within Yashili and also collaborate with research institutes to strengthen R&D.
“The infant formula market in China is undergoing a positive transformation and is set to continue its strong growth trend,” said Patrick Siewert, senior director of Carlyle Asia Partners.
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By GlobalDataCarlyle’s move follows the recent US$63m investment by Sequoia Capital in American Dairy, a Chinese formula maker and Yashili competitor.
In June, Kohlberg Kravis Roberts said it had invested in dairy group Ma Anshan Modern Farming.
