Singapore state investor Temasek along with Chinese PE firm Hosen Capital, and New Hope Group have led an A$248 million ($161.2 million) equity investment into Australia-based chilled pet food supplier The Real Pet Food Company (TRPC), AVCJ reported on Thursday.
TRPC was reportedly close to finalising a capital raise of around $200 million to refinance its debts, the Australian Financial Review reported on May 2. The portal cited a source who said China’s Hosen Capital was one of the investors in that deal that could value the business at up to $2 billion.
Established in 1994, TRPC is the largest independent Petfood manufacturer in Australia and New Zealand (and among the top 20 in the world) and operates six manufacturing plants throughout Australia.
It provides natural pet food for dogs and cats and claims to be a global market leader in the fresh, chilled, and frozen segments.
In July 2015, Australian buyout firm Quadrant Private Equity announced the acquisition of TRPC for $410 million.
In 2017, the buyout firm divested its majority stake in TRPC to an Asian investor group that includes Chinese PE Hosen Capital, Singapore investment company Temasek and China’s largest private agribusiness firm New Hope Group. The transaction valued the company at $781.9 million (A$1 billion) at that time.
There have been a few deals in this segment recently. In February this year, consumer-focused private equity firm L Catterton invested in China’s premium freeze-dried pet food company Partner Pet. The investment will help Partner Pet to cement its market position.
Meanwhile, Malaysian pet food maker Pet World Nutritions is planning an initial public offering (IPO) in Singapore to raise up to $100 million. In 2021, private equity giant KKR & Co announced that it acquired New Zealand-based premium pet food company Natural Pet Food Group for an undisclosed amount.