Private-equity firms Yunfeng Capital and CITIC Private Equity Funds Management struck a deal to buy a breeding unit of Chinese dairy giant Yili.

Yunfeng Capital, co-founded by Chinese billionaire Jack Ma, and CITIC Private Equity Funds Management have agreed to pay at least CNY2bn (US$320m) for 60% of Inner Mongolia Yili Livestock Development Co.

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According to Reuters, the investment is Yunfeng’s first in China’s food sector. Yili is one of China’s biggest dairy groups.

The deal is yet another in a string of private-equity firms investing in Chinese food companies.

At the end of last week COFCO formed a strategic partnership with a consortium of private equity investors, led by KKR and in March, Fosun International agreed to acquire a 20% steak in the Beijing-based dairy company Sanyuan Foods for US$325m. 

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