CHAMP PE in exclusive talks for VIP Petfoods – report
CHAMP Private Equity has won exclusivity on the sale process of VIP Petfoods, Australia’s largest producer of fresh chilled pet food for dogs and cats, the Australian Financial Review reported. The deal under discussion could reach the high A$300 millions.
A month ago, CHAMP was believed to have dropped out of the bidding, leaving Pacific Equity Partners (PEP) as the sole contender, although a spokesman for VIP Petfoods said at the time that final bids had been received and no decision had been made. Sources told Reuters that the company could sell for more than A$400 million.
VIP Petfoods, which is based in Yatala, Queensland, operates one purpose-built factory and has three more specialist production bases around Australia, with 600 employees. It exports petfood to the US, Canada, South Korea and Japan. The family owners decided to sell after receiving approaches from private equity firms and trade buyers.
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