COUPLE BOWOW OUT FOR $410M
GOLD Coast entrepreneurs Tony and Christina Quinn plan to tip more lolly into the global expansion of their chocolate business, Darrell Lea, after offloading their Yatala-based chilled pet food empire VIP Petfoods for $410 million.
Mr Quinn also plans to further indulge his passion for motor racing after last month completing the purchase of the struggling Hampton Downs Motorsport Park in Auckland.
After fielding a string of domestic and global offers for the VIP Petfoods business, founded in 1994, Mr Quinn said the pair decided to sell to Sydney-based private equity firm, Quadrant.
“Over the years we have had many, many approaches but I liked Quadrant for their directness, they have been involved in the pet sector and they are keen to take the business to the next level,” Mr Quinn said.
Quadrant in 2013 bought pet food retailer and supplier City Farmers and then last year, vet and pet care chain Greencross raised $120 million to fund the $205 million purchase of City Farmers from Quadrant.
Rich list regulars, with wealth of $298 million, Mr Quinn said the Quadrant deal was “not about the money, money doesn’t interest me, never has – it’s about getting reward for effort”.
He said he was proud that in the past 21 years he had built VIP Petfoods into Australia’s largest independent pet food company and the 15th largest in the world. VIP operates six manufacturing sites, employs more than 600 staff and produces more than 150,000 tonnes of pet food annually.
“I’ve got my Olympic Gold – I’ve done as much as I can do and it’s time to move on,” he said.
“After 21 years it’s time for some new blood which is a good thing.
“It’s like having a 21-yearold child, it’s time for them to grow up and move on.”
Under the deal, the existing management team of managing director Rex Devantier and the Quinns’ eldest son, Kent, will stay on to help the business.
The Quinns will remain significant shareholders and advisers.
“I’m happy to remain a shareholder and adviser because Quadrant has plans going ahead in the specialty pet sector in Australia and overseas which are quite exciting,” Mr Quinn said.
“I have done my best for the team, played for as long as I could, now I’m happy to play coach.
“If they listen to me, they’ll do well, if not, well that’s up to them.”
Mr Quinn will turn his focus to developing Darrell Lea, the struggling confectionary business the family bought in 2012.
It’s like having a 21-year-old child, it’s time for them to grow up and move on TONY QUINN