Private equity firm Creador on Tuesday said it bought a 40% stake in Malaysia’s Pet World International, months after Reuters reported the pet foods manufacturer was planning an initial public offering (IPO) in Singapore to raise up to $100 million.
Reuters in February reported Pet World, which owns brands like ProDiet cat food and ProBalance dog food, planned to debut on the Singapore stock exchange by the end of 2023, according to two sources familiar with the matter.
Creador and Pet World did not disclose any further details of the deal.
“Creador is well-positioned to leverage on its regional expertise and M&A capabilities to help accelerate Pet World’s international expansion,” Brahmal Vasudevan, the founder and CEO of the private equity firm, said.
Source: Reuters.com