Chinese private equity firm FountainVest Partners has agreed to buy New Zealand pet food company ZIWI, according to a Bloomsberg News report earlier this month.
While the terms of the agreement weren’t disclosed, Bloomberg News has reported that the deal would value closely-held ZIWI at about $1.06 billion.
“It will be business as usual for ZIWI,” managing director Richard Lawrence said in a statement announcing the deal. “This investment will build on the current team’s successful strategy and plan to meet strong global demand for ZIWI’s product range.”
Founded in 2002 by Peter Mitchell, a free-range deer farmer, ZIWI is a family-owned business headquartered in New Zealand on the purpose of bringing joy and peace of mind to pets and their guardians. The goal of its founder was to combine the nutrition found in raw diets with the safe convenience of dry foods.
FountainVest has been an active buyer in recent years, investing in Amer Sports, Pure Group and China’s CJ Rokin Logistics.