Malaysia-based Navis Capital Partners has set up a continuation vehicle in partnership with an affiliate of Pacific Equity Partners (PEP) to acquire New Zealand egg producer Mainland Poultry, according to an announcement.
The transaction will see PEP Gateway, an affiliate of Australian buyout firm Pacific Equity Partners, invest alongside Navis Capital Partners to acquire Mainland Poultry from Navis Asia Fund VII, according to a statement.
Financial details of the deal were not disclosed.
Navis said the acquisition will be carried out through a continuation vehicle (CV) structure.
Mainland Poultry is New Zealand’s largest egg supplier, accounting for around 40% of the country’s domestic egg consumption.
The company operates across free-range, barn, and colony egg production formats through a vertically integrated business model spanning feed production to retail distribution.
The CV structure allows Navis to retain ownership of the asset while offering liquidity options to existing investors in Navis Asia Fund VII, either through cash exits or by rolling over their investments into the new vehicle.
“The CV enables the distribution of liquidity to our existing investors, while securing fresh capital to drive the next stage of Mainland’s growth,” said William Whittle, partner at Navis Capital.
Continuation vehicles have become increasingly popular among private equity firms globally as a way to hold onto high-performing assets for longer while providing exit opportunities to limited partners amid a slower dealmaking environment.
Mainland Poultry, headquartered in Otago, has invested heavily in expanding its free-range and barn egg production capacity to meet changing consumer demand in New Zealand.
Navis, founded in 1998, manages more than $5 billion in private equity and private credit capital focused primarily on Southeast Asia, as well as Australia and New Zealand.
In April, Navis Capital Partners was reported to be raising a $300 million PE fund dedicated to the Southeast Asia decarbonisation journey.
Navis Decarbonisation Fund I will invest through hybrid capital instruments into climate adaptation and mitigation in the region, including Indonesia, Malaysia, the Philippines, Thailand, Cambodia, and Vietnam.
