Chinese chemicals maker buys Tommee Tippee owner from 3i

3i will receive total proceeds from the transaction of GPB135 million ($197 million). This translates into a 3.5x money multiple for the private equity firm, which took Mayborn private for EUR200 million ($227 million) in 2006 alongside its funds. The UK-listed GP also received GBP32 million through a refinancing in 2012, it said in a statement.

Tommee Tippee is the number one feeding brand in the UK and Australia and in the top five globally. Its feeding, hygiene and soothing products are sold in more than 70 countries. Mayborn has factories in Morocco, China and Mansfield, England and employs over 1,200 people worldwide.

According to 3i, during the ownership period Mayborn has evolved - through a combination of new product launches, acquisitions and organic growth - from a company that derived 60% of its sales from the UK to one that generates 60% of its revenue from international markets. EBITDA has tripled, reaching GBP25 million in 2015, while net sales came to GBP130 million.

Ping An agreed to acquire Shanghai Jahwa Group, the state-owned parent of listed unit Shanghai Jahwa United, in 2011 in a deal said to be worth RMB5.1 billion ($786 million). The insurance group made the purchase through Ping An Trust & Investment Co. Relations between owner and management have not been easy, with Ping An forcing out Wenyao Ge, president and chairman of Jahwa Group, in 2013.

The company produces personal cleaning and care products, cosmetics and perfumes, with brands including Liushen, Herborist, Chinfie, GF and Maxam. The listed entity's revenue came to RMB5.85 billion in 2015, up from RMB5.33 billion the previous year, while net profit jumped from RMB897.9 million to RMB2.21 billion.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Greater China
• Europe
• Trade sale
• Consumer
• 3i Asia Pacific
• Exit
• Ping An