FountainVest Said to Near $1 Billion N.Z. Pet Food Firm Deal (1)

Chinese private equity firm FountainVest Partners is nearing a deal to buy New Zealand pet food company Ziwi, according to people familiar with the matter.

FountainVest plans to buy closely-held Ziwi in a deal that would value the company at about NZ$1.5 billion ($1.06 billion), the people said, asking not to be identified because the matter is private. FountainVest has emerged as the likely buyer for the business after outbidding rivals including buyout firms and industry competitors, the people said.

Representatives for FountainVest and Ziwi didn’t immediately respond to requests for comment made outside normal business hours.

Founded in 2002 ...