(Bloomberg) -- Chinese private equity firm FountainVest Partners has agreed to buy New Zealand pet food company Ziwi. 

While the terms of the agreement weren’t disclosed, Bloomberg News reported Sept. 18 that the deal would value closely-held Ziwi at about NZ$1.5 billion ($1.06 billion), according to people familiar with the matter who asked not to be identified. 

Founded in 2002 by Peter Mitchell, a free-range deer farmer, Ziwi sells pet food including air-dried and wet cat and dog food, as well as chews, treats and bones, according to its website. Its meats and poultry are ethically raised and its seafood is wild-caught and sustainable, the site shows.

“It will be business as usual for Ziwi” Managing Director Richard Lawrence said in a statement Monday announcing the deal. “This investment will build on the current team’s successful strategy and plan to meet strong global demand for Ziwi’s product range.”

Pet food businesses have drawn interest from buyers including consumer companies and investment funds, as people spend more on the health and well-being of their animal companions. This year KKR & Co. bought Natural Pet Food Group of New Zealand for an undisclosed amount, completing the deal in May.

FountainVest has been an active buyer of assets in recent years. They were part of a consortium that agreed in 2018 to buy Amer Sports for 5.6 billion euros ($6.6 billion). Other investments in their portfolio include Pure Group, a gym and yoga chain popular among bankers in Hong Kong. Earlier this year, FountainVest agreed to purchase China’s CJ Rokin Logistics from its South Korean parent CJ Logistics Corp.

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