KKR Invests in Adopt A Cow
April 18 2021 - 9:14PM
Business Wire
KKR’s latest investment in Asia that supports
industry-leading companies enabled by technology
Leading global investment firm KKR today announced that KKR has
invested in Adopt A Cow, a fast-growing, direct-to-consumer dairy
company in China that integrates digital solutions into its core
operations. Adopt A Cow’s new funding round was co-led by KKR and
DCP Capital.
Founded in 2016, Adopt A Cow primarily produces and sells its
pure milk, yogurt, cheese sticks and milk power products and has
quickly become a trusted high-end dairy brand in China, thanks to
its vertically integrated business model covering alfalfa growing,
dairy farming, milk processing, and technology-enabled marketing.
Over the past five years, the company has become one of the fastest
growing direct-to-consumer brands in China, and has accumulated
more than 10 million loyal customers.
Adopt A Cow’s focus on product quality and safety, and its
well-established digital sales strategy – including partnerships
with opinion leaders, Tmall and other prominent ecommerce platforms
– position it well to benefit from the rapid growth of China’s
millennial and Generation Z populations. These groups are entering
their prime consumption years, digitally savvy and increasingly
seeking higher-quality goods and services.
Adopt A Cow will use the new funding to accelerate the
construction of modernized dairy farms and smart production
factories, bring in high-quality Australian dairy cows and further
integrate its digital operation platform to enhance efficiency,
improve product quality and brand competitiveness. KKR will support
the company’s business growth by combining its deep experience
investing in China’s technology and consumer sectors with its
global industry expertise and network of resources.
“Today marks an exciting new chapter for Adopt A Cow as we
accelerate our strategy to bring our high-quality dairy products to
more consumers in China,” said Xu Xiaobo, Founder of Adopt A Cow.
“KKR has a proven track record of investing in the dairy sector and
providing value-added operational support to homegrown technology
champions, and we look forward to working with them to take Adopt A
Cow to its next level of success.”
“Consumption upgrades and food safety are among the key focused
themes for our investments in China. As a traditional industry, the
dairy sector in China is going through an exciting period of
technological innovation, driven by the fast development of IoT,
increasing penetration of Ecommerce and digital marketing, and
higher demand for naturally healthy and nutritious products,” said
Chris Sun, a Managing Director on KKR’s China investment team. “We
are thrilled to be backing Adopt A Cow and its forward-thinking
leadership team as the company carries out its disruptive strategy
to change the way dairy is produced, marketed and sold to
customers.”
“China’s economic growth is benefitting from the expansive and
rapid adoption of digital technologies that are bringing
convenience into people’s everyday lives,” said Karen Zhang, who
leads KKR’s technology strategy in China. “This is creating
attractive opportunities to support the innovative Chinese
companies, like Adopt A Cow, that are transforming their industries
for the digital economy.”
KKR is making its investment from its Asian private equity fund.
This investment in Adopt a Cow builds on KKR’s long track record in
China’s dairy sector, which includes previous investments in China
Modern Dairy and Asia Dairy. This is KKR’s latest investment that
supports industry-leading companies enabled by technology. Recent
technology-focused investments for KKR in China include Walnut
Programming, a children’s programming education company; Huohua
Logic, a leading online education platform specializing in
mathematics and science for children; and Xingsheng Youxuan, a
leading community-based group ecommerce company.
About Adopt A Cow
Adopt A Cow was founded by Xu Xiaobo with a mission of providing
high-quality dairy products to consumers through its vertically
integrated business model, covering dairy farming, alfalfa growing,
farm visits, feed processing, as well as milk processing and sales.
Xu Xiaobo built the company’s first large-scale modernized dairy
farm in Gucheng, Hebei Province in 2014, before launching the Adopt
A Cow brand in October 2016 in Hangzhou, Zhejiang Province. Through
crossover collaboration, content co-creation and interactive
marketing, Adopt A Cow has become a trusted high-end diary brand in
China.
About KKR
KKR is a leading global investment firm that offers alternative
asset management and capital markets and insurance solutions. KKR
aims to generate attractive investment returns by following a
patient and disciplined investment approach, employing world-class
people, and supporting growth in its portfolio companies and
communities. KKR sponsors investment funds that invest in private
equity, credit and real assets and has strategic partners that
manage hedge funds. KKR’s insurance subsidiaries offer retirement,
life and reinsurance products under the management of The Global
Atlantic Financial Group. References to KKR’s investments may
include the activities of its sponsored funds and insurance
subsidiaries. For additional information about KKR & Co. Inc.
(NYSE: KKR), please visit KKR’s website at www.kkr.com and on
Twitter @KKR_Co.
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Media: KKR Asia Pacific Anita Davis +852 3602 7335
Anita.Davis@kkr.com
KKR Americas Kristi Huller, Cara Major or Miles
Radcliffe-Trenner +1 212-750-8300 Media@kkr.com
媒体垂询: KKR亚太地区 Anita Davis +852 3602 7335
Anita.Davis@kkr.com
KKR美洲地区 Kristi Huller/Cara Major/Miles Radcliffe-Trenner +1 212
750 8300 Media@kkr.com
FTI 咨询(KKR中国) 林佩钰 +86 21 2315 1131
kkrchina@fticonsulting.com
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