Ping An buys baby product firm from 3i

Tue, 03 May 2016 | BUSINESS SALE

Chinese insurance giant Ping An has bought popular baby product company Tommee Tippee from UK private equity group 3i for around £300 million.

The Mayborn Group, which was previously owned by 3i, makes Tommee Tippee baby products, the UK and Australia’s most popular brand of baby feeding bottles. A spokesman for 3i said the private equity firm will make around £135 million from the deal — representing three and half times its investment.

Mayborn has increasingly focused on the export market over the last 10 years, with China set to be a major interest under its new owners. The British business currently makes around 60 per cent of its £130 million revenue from overseas markets.

Alan Giddins, a partner at 3i, said of the deal: “Since the take-private of Mayborn, the transformation of the company from being largely UK focused into a market leading global business has been significant.”

The baby product company recently unveiled its Perfect Prep device, which enables parents to sterilise and warm milk with a single push of a button. This product has been earmarked by Fosun for success in the Chinese market, which is increasingly tech savvy.

The deal is the most recent British firm to be acquired by a Chinese company. Just last year, Chinese firm Fosun bought out fellow UK baby brand Silver Cross, which makes prams.

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