AsiaNet 89944

BEIJING, June 7, 2021 /PRNewswire=KYODO JBN/ --

Primavera Capital Group ("Primavera") today announces that it has signed a

definitive agreement with Reckitt Benckiser Group plc ("Reckitt"), a world's

leading consumer health, nutrition, and hygiene company, to acquire the Greater

China business of the Mead Johnson Nutrition Company ("Mead Johnson", the

"Company"), a global leading infant formula and nutrition company owned by

Reckitt. Following the transaction, Primavera will have a royalty-free

perpetual and exclusive license of the Mead Johnson brand in Greater China.

This acquisition is another milestone 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 enhance its positioning and growth prospects in

China's large infant nutrition market.

Mead Johnson was founded in 1905 in Illinois, USA by Edward Mead Johnson. It is

a world-renowned premium infant milk formula brand. In 2009, the Company

successfully listed on the New York Stock Exchange, and in 2017 was acquired by

Reckitt . Following Primavera's acquisition, the infant formula and child

nutrition business in Greater China will benefit from Reckitt's supply

resources and ongoing collaboration on global R&D innovation. The transaction

is subject to customary works council consultation and regulatory approvals.

Dr. 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."  

At present, China's RMB150 billion infant milk 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 deep product

portfolio with core brands such as Enfinitas enjoying high brand awareness.

HSBC acted as financial advisor to Primavera on the transaction.

SOURCE: Primavera Capital Group