Private equity player Quadrant snaps up Yatala-based VIP Petfoods in $410 million deal
GOLD Coast entrepreneurs Tony and Christina Quinn have offloaded their Yatala-based VIP Petfoods to a Sydney-based private equity firm for $410 million.
Gold Coast
Don't miss out on the headlines from Gold Coast. Followed categories will be added to My News.
GOLD Coast entrepreneurs Tony and Christina Quinn have offloaded their Yatala-based VIP Petfoods to a Sydney-based private equity firm for $410 million.
Quadrant Private Equity snapped up the pet food empire and plans to partner with the VIP founders to grow the business in Australia and overseas.
The Quinns, who founded VIP in 1994, will retain a significant stake in the business and continue to provide ongoing support.
Quadrant said it would work with the existing management team, including managing director Rex Devantier and the Quinns’ eldest son, Kent Quinn, who will stay on.
The Quinns, who bought struggling confectionary maker Darrell Lea in 2012, plan to devote more time to building that business into a better-known brand.
VIP has grown to be Australia’s largest producer of fresh chilled pet food in the world, distributing pet food products locally and into overseas markets.
The company operates six manufacturing sites, employs more than 600 staff and produces over 150,000 tonnes of pet food annually.
VIP founder Tony Quinn said: “Christina and I are proud of what we and our team have achieved in building VIP into a world class pet food manufacturing business and we believe Quadrant is the right partner to assist the team over the next phase of growth, which we look forward to being a part of.”
Quadrant managing director Chris Hadley said: “VIP has built up an impressive position in the Australian pet food industry and has established a truly leading manufacturing capability.
“We believe there are opportunities to further implement growth and strategic initiatives to enhance the brand and product in Australia and throughout the world.
Read more on the VIP buyout and what’s next for the Quinns in Gold Coast Bulletin Business tomorrow.
Bemused MP’s slapdown for council on parking fines
A Gold Coast MP has questioned why council is writing to the state to get parking rules relaxed – claiming legislation not only allows them to do so, but councils including Logan already take advantage. Watch the video of how Logan do it.
VOTE NOW: Best fish and chips on the Gold Coast
The Gold Coast is hooked on fish and chips, but who fries the best of all? Vote in the poll to crown the winner.