Primavera Capital Group has signed a definitive agreement with Reckitt Benckiser Group plc, a consumer health, nutrition, and hygiene company, to acquire the Greater China business of the Mead Johnson Nutrition Co., a global infant formula and nutrition company owned by Reckitt.
Mead Johnson is an infant milk formula brand.
Fred Hu, founder and chairman of Primavera Capital Group, commented, “We are pleased to acquire the Greater China business of Mead Johnson, a long-established and renowned multinational infant and children nutrition brand. As the controlling shareholder, Primavera is committed to serve tens of millions of Chinese mothers and babies and safeguard their wellbeing. We look forward to collaborating with Reckitt management, and to continuing to provide customers the highest-quality nutritional products through world-class scientific innovation and R&D capabilities, as well as the strictest safety and quality control.”
Reckitt’s CEO Laxman Narasimhan said, “After a thorough review of our infant formula and nutrition business in China, we have found an excellent home for the business under the ownership of Primavera. As a result of this transaction, Reckitt’s Nutrition business going forward will have a better and more consistent growth and margin profile.”
HSBC acted as financial advisor to Primavera on the transaction.