| KKR, Carlyle sell Bountiful to Nestle, Long Ridge seeks minority stake sale of Carson Group, KKR, DCP invest behind China's renewed milk demand
Happy Friday!
Plant-based milks might be mainstream in the US (almond or oat milk, please!), but the trend isn't a global one. Karishma Vanjani has all the deets on how and why Adopt a Cow - a disruptor in the Chinese dairy market - fielded what she learned was a $100 million investment led by KKR and China’s DCP Capital, the latter which was launched by ex-KKR investors. Read it on PE Hub.
More KKR: In breaking Friday morning news, KKR is selling its majority stake in The Bountiful Company to Nestle for $5.75 billion - which translates to 3.1x net sales and 16.8x EBITDA as of March 31, 2021. Carlyle Group, which first invested in the business over a decade ago, will also be exiting. Elsewhere, Long Ridge Equity Partners is looking to sell a minority stake in Carson Group Holdings, a provider of wealth management services to financial advisors and clients, sources familiar with the process told PE Hub. The company generates...
Read the full wire commentary on PE Hub...
That's it for me! Have a great weekend, hubsters, and as always, hit me up at springle@buyoutsinsider.com with your comments, tips or just to say hello.
Also of note (may require subscriptions) Pod: Check out this discussion on the record fundraising numbers in the first quarter, including the rise of sector specialization and how first-timers are braving the markets. Find the podcast on Buyouts.
Credit secondaries: Secondaries Investor has regularly encountered scepticism about two strategies: preferred equity and credit secondaries. The former is now a $7.5 billion market, according to Evercore, while the latter has seen the recent entry of two of the largest names in private equity, Ares Management and now Apollo Global Management. Read more on the state of the market here.
Fund terms: Fund managers are increasingly rethinking fund terms to provide more flexibility around holding assets and capital use, an analysis by law firm Paul, Weiss, Rifkind, Wharton & Garrison has revealed. Read why on Private Equity International.
Debt fueled: Ares Management closed its fifth European lending fund on 11 billion euros ($13.2 billion), beating its 9 billion euros target in eight months. Read it here on Buyouts.
PE Deals 
They said it “The pandemic has highlighted the liquidity needs of portfolio companies and underscored the realities of the marketplace and how long it takes to realise value.” Marco Masotti, a partner at Paul, Weiss, Rifkind, Wharton & Garrison, told Private Equity International.
Today's letter was prepared by Sarah Pringle Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. Please visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC. 
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