Advent International Invests in Seek Pet Food, a Leading Chinese Pet Food Manufacturer

Shanghai, 12 August 2024 - Advent International ("Advent"), one of the world's largest and most experienced private equity investors, today announced its investment in Seek Pet Food
("Seek"), a leading Chinese pet food manufacturer. 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 the number one third-party manufacturer of kibbles in China and offers a variety of pet food products in the premium and mid-end segments. Its product range extends to kibbles, 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. Renowned for its strong track record in R&D, Seek operates a 10,000-square-meter R&D lab and testing center and holds 66 international and domestic patents focused on animal nutrition. Moreover, it received 61 testing accreditations from CNAS all at once.

David Chen, Managing Director at Advent International, commented, "China's pet food market reached approximately RMB 69 billion 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. 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. Looking ahead, we are committed to supporting Seek in product innovation, especially in functional pet food, as well as its expansion in both the domestic and international markets."

Fang Yuan, Founder at Seek, said, "With a track record of over a decade in manufacturing and innovating in the pet food industry, we have earned the trust of pet owners and supported the growth of numerous pet food brands through our high-quality, nutritional and reliable products. 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."

Advent has made multiple investments across Greater China in recent years, including Wagas Group, a major lifestyle F&B group in China; LBS Group, a pest control operation and hygiene solutions provider in Greater China; GS Capsule, a leading research, development and production company of hard capsules; BioDuro, a major global life sciences contract research and development organization; and AI Dream, China's leading branded sleep solution provider and the largest player in the country's premium mattress market.

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.