16 June 2020
Ascendent Capital Partners (‘ACP’), leading a consortium of strategic investors, today received confirmation from New Hope Dairy Co., Ltd. (‘New Hope Dairy’) of its shareholder approval to buy 100% of Ningxia Harmony Dairy Development Co., Ltd. (‘Harmony’) for a value of CNY 1.711 billion.
Harmony is the largest dairy maker in the Northwest region of China with dominant market share in Ningxia and has strong performance in Gansu and Shanxi market.
Liang MENG, Chairman and CEO of ACP, said,” We are proud to have worked alongside the high quality management team at Harmony, providing hands-on guidance, helping them achieve outperformance and strengthen its dominant position in regional markets. We are pleased to be exiting a strong business and achieving a successful exit for our investors. We look forward to seeing New Hope continue to build on Harmony’s strengths and become a leading national player in the dairy industry.”
Gang XI, Chairman of New Hope Dairy, said:” The acquisition of Harmony sets a critical footprint in our expansion strategy to grow into northwest of China. In particular, its renowned Xiajin brand, unique strength in vertical integrated capacity and distribution network, as well as its high quality upstream resource, will provide us with a strong foundation for continued growth.”
About Ascendent Capital Partners
Ascendent Capital Partners is a private equity investment management firm focused on Greater China-related investment opportunities, managing over USD 2 billion in assets for global institutional investors including sovereign wealth funds, endowments, pensions and foundations.
ACP has successfully led and executed a large number of innovative and ground breaking private equity investments in China, generating strong risk-adjusted returns for investors and value growth for our portfolio companies. ACP has established a consistent track record in providing advice and solution capital to entrepreneurs and business owners in the region, building long-lasting relationships through in-depth collaboration. For addition information about ACP, please visit ACP’s website at www.ascendentcp.com.
For further information about this transaction, please contact:
Ascendent Capital Partners
Tel: +852 2165 9000
Fax: +852 2165 9090