Fosun, Nanjing Sinolife to acquire New Zealand nutrients maker
Fosun Capital and Nanjing Sinolife United have formed a joint venture to acquire Good Health Products, a New Zealand-based nutritional supplements maker and distributor, for NZ$23.37 million ($18 million).
Nanjing Sinolife owns 60% of the joint venture - known as Shanghai Weiyi - while Fosun Shanghai Chuangfu Shareholding Investment Fund holds the remaining stakes.
As Good Health has an established internet sales platform and network in countries such as Australia, Hong Kong, Japan and Korea, Nanjing Sinolife hopes to gain entry into the nutritional supplements industry in those markets, the company said in a filing.
Good Health reported a net profit of NZ$924,000 last year, down from NZ$1.2 million in 2012.
Hong Kong-listed Nanjing Sinolife manufactures and sells nutritional supplements and packaged health food products under its own brand. It also distributes Australian and New Zealand-made products. Fosun Capital invested in Sinolife last year and owns about 7% of the company.
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