Ping An, one of China’s largest insurers, has backed a deal to buy the maker of Tommee Tippee baby products from British private equity group 3i in a further sign of Chinese corporate appetite for overseas consumer brands.
Jahwa Group, an investment vehicle that is wholly owned by Ping An, will buy Mayborn Group, Tommee Tippee’s parent, in a sale that will return ￡135m to 3i, the firm said on Thursday.
The deal means that 3i has made three and a half times the amount it paid for its original buyout of Mayborn in 2006, including ￡32m from a debt refinancing in 2012.
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