Chinese pet food manufacturer Seek Pet Food has received fresh investment from a US private-equity firm.
Financial details were not disclosed.
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Advent International has made the investment, joining current shareholder Boyu Capital, to “accelerate Seek’s growth in China’s fast-growing pet food market”, according to a statement.
Established in 2012, Seek Pet Food produces kibbles, baked food, freeze-dried food, wet cans, wet pouches, and treats. The business, headquartered in Shandong, is a third-party manufacturer to “major Chinese and global pet food brands”.
Seek Pet Food operates a 10,000-square-metre R&D lab and testing centre and holds 66 international and domestic patents focused on animal nutrition, it said in a statement.
Fang Yuan, founder at Seek Pet Food, said: “With a track record of over a decade in manufacturing and innovating in the pet food industry, we have earned the trust of pet owners and supported the growth of numerous pet food brands through our high-quality, nutritional and reliable products.
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By GlobalData“We are thrilled to be partnering with Advent, an experienced investor recognised for its deep understanding of the local market and impressive expertise in the pet products industry. I am confident that this collaboration will elevate Seek Pet Food’s next level of growth.”
Advent said it would work alongside Yuan as well as Boyu Capital to grow Seek Pet Food’s growth.
David Chen, managing director at Advent International, said: “China’s pet food market reached approximately 69bn yuan ($9.7bn) in 2023 and has really promising growth prospects backed by pet population growth, the rising penetration of packaged pet food and increased spending as pets are often considered as part of the family.
“We see exciting growth opportunities for Seek supported by the company’s integrated and transparent supply chain, advanced manufacturing facilities and leading R&D expertise. Looking ahead, we are committed to supporting Seek in product innovation, especially in functional pet food, as well as its expansion in both the domestic and international markets.”
Advent International’s past investments in pet food include a spell as owner of Hungary-based Partner in Pet Food (PPF). It sold its shares in the business in 2015.
In June, another private-equity firm, CVC Capital Partners, acquired a majority share in PPF, buying the stake from Cinven Group.
