Quadrant Private Equity has entered into an agreement to acquire V.I.P. Petfoods for AUD410 million (US$317.8 million).
Quadrant will partner with the founders of V.I.P. to back the existing management team, including Rex Devantier and Kent Quinn, to grow the business domestically and internationally. Tony and Christina Quinn will remain significant shareholders and continue to provide ongoing support to the business.
V.I.P. was founded in 1994 by Tony and Christina Quinn and over this time V.I.P. has grown to be Australia’s leading independent pet food company and the largest producer of fresh chilled pet food in the world, distributing pet food products locally and into overseas markets. V.I.P. operates 6 manufacturing sites, employs over 600 staff and produces over 150,000 tons of pet food annually.
“Over the past two decades, V.I.P. has grown to become a leading Australian manufacturer of pet food and one of the largest manufacturers of pet food in the world,” said Tony Quinn. “Christina and I are proud of what we and our team have achieved in building V.I.P. into a world class pet food manufacturing business and we believe Quadrant is the right partner to assist the team over the next phase of growth, which we look forward to being a part of.”
“V.I.P. has built up an impressive position in the Australian pet food industry and has established a truly leading manufacturing capability,” said Chris Hadley, managing director of Quadrant. “We believe there are opportunities to further implement growth and strategic initiatives to enhance the brand and product in Australia and throughout the world. This is another great example of Quadrant partnering with Australian entrepreneurs to provide capital and strategic expertise to execute on growth.”