2024.08.14
Advent International recently completed an equity investment in Seek Pet Co., Ltd. (“Seek”), a leading Chinese pet food manufacturer.
Founded in 1984, Advent International is a large global private equity investor with 420 private equity investments in more than 40 countries and assets of $94 billion under management. It has investments in Globus Events, a leading exhibition company that 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 US veterinary hospitals.
Established in 2012, Seek is the number one third-party manufacturer of kibble in China with pet food products in the premium and mid-end segments. Its product range includes kibble, baked and freeze-dried pet food, wet canned food, wet pouches and pet treats. Headquartered in Shandong, China, Seek is a manufacturing and innovation partner of many major Chinese and global pet food brands and has best-in-class manufacturing facilities. This investment highlights Advent International’s expansion in Greater China and is a significant step in their growth within the pet food industry.
This transaction involved an equity transfer and a capital increase. The project team conducted legal due diligence and played a key role in multiple rounds of negotiations with the target company and its selling shareholders. By carefully balancing the interests of the existing and founding shareholders, as well as the other investors, the team successfully facilitated the execution of the transaction documents. During the closing process, the team took the lead in handling the notification of the concentration of undertakings, completed the required filings and obtained regulatory approval within a tight timeframe. JunHe’s team ensured the smooth coordination of the signing, closing, and the remittance of the investment funds, ultimately bringing the project to a successful conclusion.
JunHe’s multi-disciplinary team collaborated seamlessly to provide the client with comprehensive, one-stop legal services. Their negotiating expertise, sharp understanding of complex business issues, strong coordination, and innovative problem-solving were highly praised by the client.
JunHe’s team was led by partners WANG, Yi, CHEN, Yan and WAN, Shang, with support from the antitrust team led by partner GONG, Mingfang.
