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V.I.P. Pet Foods, a company based in Yatala on the Gold Coast of Australia, has moved one step closer to being sold to private equity company CHAMP for over $400 million dollars.

In a story reported by CourierMail.com, phone calls were not returned to the reporter assigned to the story, but market experts are reporting a deal is close to being solidified.

Founded by Australian entrepreneur Tony Quinn over 10 years ago, Quinn and wife, Christina, were named the 38th wealthiest individuals in the state by The Sunday Mail Rich List recently. The couple has a personal wealth estimated at $265 million dollars.

Makers of fresh chilled pet food, the V.I.P. range of products include cooked meals such as “chub form dog rolls,” lamb and chicken “chunkers,” and a variety of vacuum-packed fresh “minces.” They recently expanded their line to include premium wet and dry pet food for dogs and cats along with an array of fresh pet treats.

V.I.P. has a $10 million dollar export quality factory in Yatala and three other specialist factories around the country, employing around 600 employees. Quinn recently reported the business was “on budget for the year” and despite the global financial crisis, “pets need to be fed.”

In addition to CHAMP, other parties reportedly interested in the purchase of V.I.P. include private equity group Pacific Equity Partners, but CHAMP came in with a higher offer. CHAMP was reportedly impressed by V.I.P.’s expansion into the United States market.

The V.I.P. Pet Food website reports a variety of private label products are available for both domestic and international clients. They export fresh and dry pet food to international markets including Canada, Korea, Taiwan, Japan, and the United States.

Further information about V.I.P. Pet Food may be found at http://www.vippetfoods.com.au.

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