The Carlyle Group has made another move into the Chinese food industry with an agreement to buy a minority interest in CP Pokphand CPP, one of China's largest livestock and aqua feed producers. The US-based investment behemoth will pay $175 million for convertible preference shares representing an 11.3% stake from the Charoen Pokphand Group CP Group, Thailand's leading agro-industrial and food conglomerate, and the single biggest shareholder of CPP.
The acquisition, announced on Friday, follows Carlyle's purchase of a 13.62% stake in Singapore-listed China Fishery Group for $190 million in June, and a 17.3% stake in Guangdong Yashili Grou, one of China's biggest infant-formula companies in September 2009.
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