HONG KONG/SYDNEY: A Chinese investor consortium is buying a majority stake in Australian vitamin company Nature's Care, in a deal that a source said values the firm at about A$800 million ($619.92 million).
The purchasing consortium comprises investment group China Jianyin Investment Ltd (JIC), a subsidiary of JIC and private equity fund Tamar Alliance, according to Nature's Care and the buyers who issued a joint statement on Wednesday. The financial details of the deal were not disclosed.
Tamar Alliance fund is jointly owned by Citic Pacific Ltd and Dah Chong Hong Holdings.
Nature's Care is Australia's third largest vitamin company and also manufactures supplements and skin care products. Its founders and current owners, the Sydney-based Wu family, will retain the remaining minority stake in the 28-year-old company, two sources told Reuters.
A third source with direct knowledge of the deal said the purchase values the Sydney-based vitamin company at about A$800 million. Nature's Care did not immediately reply to an email seeking comment about the deal value and could not be reached by phone. The source declined to be identified because the financial details of the deal were private.
"With the backdrop of consumption elevation in China and its consumers' ever increasing focus on personal health, the Buyer Consortium is very optimistic about the fast rising demand for preventive health and nutrition supplements," the statement said.
The Australian Financial Review reported the deal earlier on Wednesday.
The deal is subject to regulatory approvals and is expected to close in the second half of 2018, the statement said. UBS advised Nature's Care, while Deutsche Bank advised the buying consortium, it said.
Comments
Comments are closed for this article.