SHANGHAI — Advent International, a private equity investor, announced its investment in Seek Pet Food on Aug. 12. 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 a leading third-party manufacturer of kibbles in China. Its product range extends to kibble, 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, according to Seek. Known for its strong track record in R&D, Seek operates a 10,000-square-meter (107,639-square-foot) R&D lab and testing center, and holds 66 international and domestic patents focused on animal nutrition, according to the company.
“China’s pet food market reached approximately RMB 69 billion (about $9.64 billion USD) 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,” said David Chen, managing director at Advent International. “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.”
Advent has made multiple investments across Greater China in recent years.
“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,” shared Andrew Li, managing director and head of Greater China at Advent International.
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 market.
“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,” Yuansaid.
Read more about corporate strategy, financial performance, mergers and acquisitions on our Business page.
