NEW YORK (AP) — China Cord Blood Corp., a cord blood banking operator, said Thursday that a fund managed by private equity firm Kohlberg Kravis Roberts & Co. agreed to invest $65 million in the company.
China Cord Blood said KKR China Growth Fund LP’s investment will help it expand and capitalise on China’s rapidly growing healthcare industry.
The company provides cord blood collection, laboratory testing, stem cell processing and storage. Stem cells are frozen and stored for possible use by donors against certain diseases that they or their families may face.
Citigroup Global Markets Asia Ltd. acted as financial advisor to KKR.
China Cord Blood shares closed at $2.70 on Wednesday.