FountainVest agrees to buy New Zealand pet food brand Ziwi
Following a first indication last week that the Chinese private equity firm was interested, they have now finalized the deal.
The financial details are still undisclosed. Rumour has it that the deal is worth $1.06 billion. Although with indications that the company has around $50 million in yearly revenue, this figure might be overestimated.
Ziwi Managing Director Richard Lawrence shared with RNZ that the company would gain capital to expand its market knowledge and sales, while maintaining high-quality standards.
“During the course of our discussions it became clear that Ziwi and FountainVest share similar core values of teamwork, integrity and entrepreneurship, which are fundamental to any successful business partnership.”
Lawrence also said business would continue as usual for Ziwi staff, with the current management team running the business, and executive management reinvesting back into the business. Production would stay in New Zealand.