Carlyle finds the right formula for Yashili
Glow-in-the-dark pork, dumplings with aluminum, cadmium-tainted rice, and cooking oil made from recycled sewage are just some of the horrors that have found their way onto Chinese dinner tables in recent times. It is no wonder, then, that there is an equally long list of private equity deals where investors have sought to take advantage of both a dire need for safer food in China and the willingness of a growing middle class to pay a premium for it.
Last week, The Carlyle Group joined the growing list of firms to cash in on this strategy as it agreed to exit infant formula manufacturer Yashili to China Mengniu Dairy. Mengniu is buying about 75% of...
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