M&A Deal Summary

China Modern Dairy Holdings Acquires China Shengmu

On October 30, 2025, China Modern Dairy Holdings acquired food company China Shengmu from EQT Private Capital Asia

Acquisition Highlights
  • This is China Modern Dairy Holdings’ 1st transaction in the Food sector.
  • This is China Modern Dairy Holdings’ 1st transaction in China.

M&A Deal Summary

Date 2025-10-30
Target China Shengmu
Sector Food
Buyer(s) China Modern Dairy Holdings
Sellers(s) EQT Private Capital Asia
Deal Type Add-on Acquisition

Target

China Shengmu

Hong Kong, China
China Shengmu produces and markets dairy products made from organically sourced milk in China. The Company operates self-owned organic farms and processing facilities, offering a range of liquid milk and related dairy products for retail and industrial customers. Its operations include both upstream dairy farming and downstream production under the Shengmu brand. China Shengmu was founded in 2009 and is headquartered in Bayannur, Inner Mongolia, China.

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Buyer(S) 1

Buyer

China Modern Dairy Holdings

Maanshan, China

Category Company
Founded 2005
Sector Consumer Products
Employees9,080
Revenue 13.3B CNY (2024)
DESCRIPTION

China Modern Dairy Holdings provides milk products. China Modern Dairy Holdings was founded in 2005 and is based in Maanshan, China.


DEAL STATS #
Overall 1 of 1
Sector: Food M&A 1 of 1
Type: Add-on Acquisition M&A Deals 1 of 1
Country: China M&A 1 of 1
Year: 2025 M&A 1 of 1

Seller(S) 1

SELLER

EQT Private Capital Asia

Hong Kong, China

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1997
PE ASSETS 125.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

EQT Private Capital Asia is an Asia-focused private equity group specializing in growth equity investments and buyouts of companies valued between $300 million and $1.5 billion. Baring looks for companies that require capital for organic expansion, recapitalizations, or to fund acquisitions. The Group's geographic coverage spans China, India, Japan, Singapore, Hong Kong, and Taiwan. EQT Private Capital Asia was formed in 1997 and is based in Hong Kong.


DEAL STATS #
Overall 32 of 32
Sector: Food M&A 3 of 3
Type: Add-on Acquisition M&A Deals 11 of 11
Country: China M&A 7 of 7
Year: 2025 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-06-26 Pioneer

Tokyo , Japan

Pioneer is a global manufacturer based on its core car electronics business. In addition to the development of advanced technologies such as 3D-LiDAR sensors and an HD map for autonomous driving, Pioneer is working to create safe, reliable, comfortable, and fun in-car environments for the autonomous driving society of the near future, by providing new in-car entertainment services. Pioneer was established in 1947 and is headquartered in Tokyo, Japan.

Sell $1.1B