BEIJING, Jun 5, 2021 / PRNewswire / – Primavera Capital Group (“Primavera”) today announces the signing of a definitive agreement with Reckitt Benckiser Group plc (“Reckitt”), a global leader in health, nutrition and general public hygiene, to acquire the Greater China business of Mead Johnson Nutrition Company (“Mead Johnson”, the “Company”), one of the world’s leading infant formula and nutrition companies owned by Reckitt. Following the transaction, Primavera will have a perpetual and exclusive royalty-free license of the Mead Johnson brand in Greater China.
This acquisition is another important step for Primavera in the consumer industry. Going forward, Primavera will fully support Mead Johnson’s growth in China, through innovation, operational improvement, channel optimization and digital transformation, to further strengthen its positioning and its growth prospects in from China large infant nutrition market.
Mead Johnson was founded in 1905 in Illionois, United States through Edward Mead Johnson. It is a world famous premium infant formula brand. In 2009, the company was successfully listed on the New York Stock Exchange and was acquired in 2017 by Reckitt. Following the acquisition of Primavera, the infant formula and infant nutrition activities in Greater China will benefit from Reckitt’s sourcing resources and its continued collaboration on global R&D innovation. The transaction is subject to the usual consultation of the works council and regulatory approvals.
Dr. Fred hu, Founder and Chairman of Primavera Capital Group, said:
“We are pleased to acquire the Greater China company of Mead Johnson, a long-established and renowned multinational infant and child nutrition brand. As the majority shareholder, Primavera is committed to serving tens of millions of Chinese mothers and babies and protecting their well-being. We look forward to working with the management of Reckitt and continuing to provide our customers with the highest quality nutritional products through world-class scientific innovation and R&D capabilities, as well as safety control and of the strictest quality. “
CEO of Reckitt 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 will have a better and more consistent growth and margin profile in the future. “
Now, from China 150 billion RMB The infant formula market is the largest in the world, where consumers increasingly demand science and quality. Mead Johnson entered China in 1993 and has developed a broad and in-depth product portfolio with core brands such as Infinitas enjoying strong brand recognition.
HSBC acted as financial advisor to Primavera on the transaction.
SOURCE Primavera Capital Group