US private equity fund Advent International has invested an undisclosed amount in Chinese pet food manufacturer Seek Pet Food, according to an announcement.
The investment comes when China’s pet food market reached approximately $9.6 billion last year as the country’s pet population continues to grow, according to data cited by Advent International managing director David Chen.
Advent will work alongside Seek’s founder Fang Yuan and current shareholder Boyu Capital to accelerate the pet food manufacturer’s growth in China, per the announcement.
Seek, established in 2012 and headquartered in Shandong, claims to be one of the top third-party manufacturers of kibbles, baked food, freeze-dried food, wet cans, wet pouches, and treats.
The company holds 66 international and domestic patents focused on animal nutrition.
“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,” Chen said.
Advent International, founded in 1984, has made 420 PE investments across 43 countries, and as of December 31, 2023, had $94 billion in assets under management.
The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer, and leisure; and technology.
Recently, the firm invested in Apollo 24/7, the digital healthcare platform of India’s Apollo Hospitals. It also partnered with PE firm Multiples to invest about $230 million in Indian microfinance firm Svatantra Microfin.
Advent is also not new in investing in the broader pet industry following its investments in Globus Events, an exhibition host in Greater China, which holds 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.
Advent International’s Greater China head Andrew Li said the PE firm has been investing in China for over 30 years, supporting companies that 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,” Li added.
Advent’s investment in the pet food manufacturer comes after consumer-focused private equity firm L Catteron invested an undisclosed amount in China’s premium freeze-dried pet food company Partner Pet in 2023.
