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KKR & Co LP, CDH, Modern Dairy Partner to Build Large Scale Farms in Shandong Province

Monday, 23 Sep 2013 10:30pm EDT 

KKR & Co LP, CDH and Modern Dairy announced the formation of a new joint venture designed to deliver premium raw milk to Chinese consumers. Under the terms of the agreement, KKR, CDH and Modern Dairy will invest USD140 million over the next 18 months to build two new large-scale dairy farms in China. The new joint venture plans to build two 10,000 cow farms over a two-year period. The farms will be located in Shanghe county of Eastern China`s Shandong province, which has suitable climate conditions for dairy farming and support from the local government. KKR, CDH and Modern Dairy will hold 61.5%, 20.5% and 18.0% stakes respectively. The new joint venture farms will buy Modern Dairy's excess cows generated through natural herd growth. There is also an arrangement for Modern Dairy to buy back the JV farms in three years, which will boost its long term growth. The transaction is expected to close in the fourth quarter. KKR will be making the new investment through its China Growth Fund. 

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