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primavera-capital.com

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Investments

39

Portfolio Exits

9

Funds

7

Service Providers

1

About Primavera Capital Group

Primavera Capital Group is a China-based investment firm, focusing on private equity and special situations opportunities. The firm employs a flexible strategy of growth capital, control-oriented, and restructuring investments and seeks to create long-term value by working closely with portfolio companies to improve operational efficiency, competitiveness, and earnings growth.

Primavera Capital Group Headquarter Location

48/F, China World Tower 3 1 Jian Guo Men Wai Avenue

Beijing, Beijing, 100004,

China

+86 10 8559 8988

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Vitamin & Supplement Startups

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Latest Primavera Capital Group News

£1.6bn Chinese deal for health and hygiene giant

Sep 13, 2021

Hull-based Reckitt Benckiser Group has struck a definitive agreement to sell its Infant Formula and Child Nutrition (IFCN) business in China to Primavera Capital Group for $2.2bn/£1.6bn. Reckitt will retain a shareholding in IFCN China of 8% and anticipates net cash proceeds to be approximately US$1.3bn/£920m. The deal follows a comprehensive strategic review of IFCN China announced in February 2021 and includes a royalty-free perpetual and exclusive license of the Mead Johnson and Enfa family of brands in China. Following completion of the transaction, Reckitt will continue to own the Mead Johnson and Enfa family of brands globally and will operate those brands in the rest of the world. The sale is subject to consultation with Reckitt’s works council in the Netherlands, which Reckitt will now initiate. Reckitt says it will also engage with its other relevant employee unions in relation to the deal. Subject to the Netherlands works council consultation and the satisfaction of customary closing conditions, completion is expected in the second half of 2021. Reckitt expects to incur cash tax costs of around £300m and transaction and other costs of around £200m. The net proceeds will be used to reduce net debt. As at December 2020, IFCN net assets totalled £8.8bn on a global basis. As a result of the sale, Reckitt expects to incur a net loss of around £2.5bn principally relating to the re-measurement of goodwill and intangible assets for IFCN China. Reckitt CEO, Laxman Narasimhan, said: “Today’s announcement marks another step in our strategy to rejuvenate growth and create long term value. As part of this journey, we are actively, and decisively, managing our portfolio. “After a thorough review of IFCN China, we have found an excellent home for the business under the ownership of Primavera. “As a result of this transaction, our Nutrition business going forward will have a better and more consistent growth and margin profile. “We are market leaders in infant nutrition in North America, ASEAN and Latin America, and we have a strong Vitamins, Minerals and Supplements portfolio which includes an exciting Adult Nutrition business. “This, combined with our focus on execution, brand building and productivity, our investment in R&D and innovation, and our expertise in eCommerce, gives us a solid foundation from which to grow. “We remain committed to China with our Hygiene, Health and VMS portfolios. “We are excited about the opportunities to grow our brands and expand our business in the future. China is Durex’s largest market and growing strongly and it is an important market for Dettol, Finish and our VMS brands with significant potential for future expansion.” Primavera founder and chairman, Dr Fred Hu, said: “We look forward to a strong collaboration with Reckitt, to continue to build on the heritage and strength of the Mead Johnson brand. “We have considerable experience investing and growing and expanding global brands in China. We are excited to support the business in its next phase of growth, leveraging our resources and local leadership.” Join us at the 2021 Rainmaker Awards in Manchester on September 9 Previous Article

Primavera Capital Group Investments

39 Investments

Primavera Capital Group has made 39 investments. Their latest investment was in Accession Therapeutics as part of their Series A on September 9, 2021.

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Primavera Capital Group Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

9/27/2021

Series A

Accession Therapeutics

Yes

2

8/16/2021

Series C - II

Shukun Technology

$108.09M

Yes

5

7/22/2021

Series A

Aurora

$15.45M

Yes

7

7/15/2021

Series D

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$99M

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10

5/28/2021

Series B

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$99M

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10

Date

9/27/2021

8/16/2021

7/22/2021

7/15/2021

5/28/2021

Round

Series A

Series C - II

Series A

Series D

Series B

Company

Accession Therapeutics

Shukun Technology

Aurora

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Amount

$108.09M

$15.45M

$99M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

2

5

7

10

10

Primavera Capital Group Portfolio Exits

9 Portfolio Exits

Primavera Capital Group has 9 portfolio exits. Their latest portfolio exit was CosMX Battery on October 15, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

10/15/2021

IPO

$991

1

00/00/0000

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$991

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10

00/00/0000

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$991

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10

00/00/0000

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$991

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10

00/00/0000

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10

Date

10/15/2021

00/00/0000

00/00/0000

00/00/0000

00/00/0000

Exit

IPO

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Companies

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Valuation

$991

$991

$991

$991

Acquirer

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Sources

1

10

10

10

10

Primavera Capital Group Acquisitions

6 Acquisitions

Primavera Capital Group acquired 6 companies. Their latest acquisition was Reckitt Benckiser - Infant Formula and Child Nutrition Business on June 07, 2021.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

6/7/2021

$991

Acquired Unit - Fin

2

6/5/2021

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$991

$99M

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10

7/1/2019

Unattributed

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$991

$99M

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10

8/1/2018

Acquired

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$99M

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10

11/9/2017

Acq - Fin - II

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$991

$99M

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10

Date

6/7/2021

6/5/2021

7/1/2019

8/1/2018

11/9/2017

Investment Stage

Unattributed

Acquired

Acq - Fin - II

Companies

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Valuation

$991

$991

$991

$991

Total Funding

$99M

$99M

$99M

$99M

Note

Acquired Unit - Fin

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Sources

2

10

10

10

10

Primavera Capital Group Fund History

7 Fund Histories

Primavera Capital Group has 7 funds, including Primavera Capital Fund III LP.

Closing Date

Fund

Fund Type

Status

Amount

Sources

12/31/2019

Primavera Capital Fund III LP

Diversified Private Equity

$3,400M

1

11/12/2019

Primavera Capital Group III

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$99M

10

12/19/2016

Primavera Capital Fund II

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$99M

10

Primavera Capital Group I

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$99M

10

Chunhua Fund

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$99M

10

Closing Date

12/31/2019

11/12/2019

12/19/2016

Fund

Primavera Capital Fund III LP

Primavera Capital Group III

Primavera Capital Fund II

Primavera Capital Group I

Chunhua Fund

Fund Type

Diversified Private Equity

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Status

Amount

$3,400M

$99M

$99M

$99M

$99M

Sources

1

10

10

10

10

Primavera Capital Group Service Providers

1 Service Provider

Primavera Capital Group has 1 service provider relationship

Service Provider

Associated Rounds

Provider Type

Service Type

Acquired Unit - Fin

Commercial Bank

Financial Advisor

Service Provider

Associated Rounds

Acquired Unit - Fin

Provider Type

Commercial Bank

Service Type

Financial Advisor

Partnership data by VentureSource

Primavera Capital Group Team

2 Team Members

Primavera Capital Group has 2 team members, including current Founding Partner, Fred Hu.

Name

Work History

Title

Status

Fred Hu

Greater China International Group, Goldman Sachs, and International Monetary Fund

Founding Partner

Current

Jiaqi Zheng

Managing Director

Former

Name

Fred Hu

Jiaqi Zheng

Work History

Greater China International Group, Goldman Sachs, and International Monetary Fund

Title

Founding Partner

Managing Director

Status

Current

Former

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