Cosmetics maker Shanghai Jahwa acquires Tommee Tippee owner

Chinese cosmetics maker Shanghai Jahwa (Group) Co Ltd has reached an agreement to acquire Mayborn Group, the parent company of the largest British nursing bottles producer Tommee Tippee.

Jahwa, wholly owned by Ping An Insurance (Group) Co, is acquiring the company from British private-equity firm 3i Group Plc, the group said. The proceeds to 3i from the transaction will be 135 million ($197 million)

The purchase is the first time that Jahwa made an overseas acquisition. It is also the company's first purchase of a non-cosmetics brand. Jahwa owns many well-known Chinese makeup brands, including Herborist and Maxam.