Junlebao Dairy Group, one of China’s largest dairy manufacturers, has snapped up a minority stake in yogurt shop chain More Yogurt.
According to a statement issued by Junlebao, the company has acquired a 30% stake in More Yogurt, which has more than 1,600 stores in China.
Financial terms were not disclosed.
Hebei-based Junlebao, which has 25 production plants across China, markets products including yogurt, fresh milk and organic milk powder. Its brand portfolio includes Purjoy yogurt
Junlebao, which also has 25 farms in China, said the two companies would work together in areas such as procurement and R&D.
Around two-thirds of More Yogurt’s outlets are in first- and second-tier cities in China, Junlebao added.
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In May, Junlebao invested again in Yunnan Royal Laisier Intelligent Dairy Co., buying a 32.9% stake in the business from fellow Chinese dairy business Royal Group.
The deal took Junlebao’s stake in Laisier Intelligent to 58%.