Shanghai, 12 August 2024 – Advent International (“Advent”), one of the world’s largest and most experienced private equity investors, today announced its investment in Seek Pet Food (“Seek”), a leading Chinese pet food manufacturer. Advent will work alongside Seek’s founder Fang Yuan and current shareholder Boyu Capital to accelerate Seek’s growth in China’s fast growing pet food market.
Established in 2012, Seek is the number one third-party manufacturer of kibbles in China and offers a variety of pet food products in the premium and mid-end segments. Its product range extends to kibbles, baked food, freeze-dried food, wet cans, wet pouches, and treats. Headquartered in Shandong, China, the company is a manufacturing and innovation partner to major Chinese and global pet food brands and has best-in-class manufacturing facilities. Renowned for its strong track record in R&D, Seek operates a 10,000-square-meter R&D lab and testing center and holds 66 international and domestic patents focused on animal nutrition. Moreover, it received 61 testing accreditations from CNAS all at once.
David Chen, Managing Director at Advent International, commented, “China’s pet food market reached approximately RMB 69 billion 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.”
Fang Yuan, Founder at Seek, 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. We are thrilled to be partnering with Advent, an experienced investor recognized 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’s next level of growth.”
Peng Li, Director at Seek, said, “With strategic investments from Advent and continued support from Boyu Capital, we have optimized our shareholder structure and governance, strengthening our foundation for collaboration and expansion in the pet food industry, both domestically and internationally. Guided by our values of Altruism, Sharing and Empowerment, Seek is committed to advancing the development of China’s pet food industry while creating value for all stakeholders.”
Andrew Li, Managing Director, Head of Greater China at Advent International, added, “Advent has been investing in Greater China for over 30 years, supporting companies which have significant and sustainable growth potential. The investment in Seek further underscores our longstanding commitment to investing in well-positioned businesses in the consumer sector in Greater China.”
Advent has made multiple investments across Greater China in recent years, including Wagas Group, a major lifestyle F&B group in China; LBS Group, a pest control operation and hygiene solutions provider in Greater China; GS Capsule, a leading research, development and production company of hard capsules; BioDuro, a major global life sciences contract research and development organization; and AI Dream, China’s leading branded sleep solution provider and the largest player in the country’s premium mattress market.
Advent is also experienced in investing in the broader pet industry following its investments in Globus Events, a leading exhibition host in Greater China, which hosts the renowned Pet Fair Asia; Partner in Pet Food (PPF), one of Europe’s largest producers of private-label pet food; and National PetCare Centers, a network of veterinary hospitals from the US.
About Seek Pet Food
Seek Pet Food is the number one third-party manufacturer of kibbles in China. Established in 2012, it is an expert provider of pet food, offering an extensive product range that includes kibbles, baked food, freeze-dried food, wet cans, wet pouches, and treats. The company is a manufacturing and innovation partner to major Chinese and global pet food brands. With an aim to provide “Safer Food for Pets Around the World”, Seek is committed to its core values of “Altruism, Sharing and Empowerment” whilst serving the domestic and global markets.
About Advent International
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in 420 private equity investments across 43 countries, and as of December 31, 2023, had $94 billion in assets under management.* With 15 offices in 12 countries, Advent has established a globally integrated team of over 300 private equity investment professionals across North America, Europe, Latin America, and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer, and leisure; and technology. For 40 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.
*Assets under management include assets attributable to Advent advisory clients as well as employee and third-party co-investment vehicles.
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