BC Partners sells Aviagen to Advent

BC Partners has sold its 1994 investment in Aviagen Group Limited, the UK/ US-based poultry breeding and life sciences business, to Advent International. BC Partners bought the business from Nutreco for $550m in 1994 and then in 1998 it acquired Ross Breeders from Hillsdown Holdings for £100m and subsequently acquired Arbor Acres for £67m. By this point Aviagen had acquired a 47% market share. BC Partners has sold Aviagen to Advent International for £255m.

Associated British Foods plc, Bain Capital, 3i and Electra Partners were all named as potential bidders for the business when BC Partners disclosed it was seeking a buyer in February this year.

Advent International was advised on the purchase of Aviagen by Deloitte & Touche (corporate finance and accounting due diligence) and Morgan Stanley (corporate finance), and Lovells (legal). Royal Bank of Scotland is providing the debt package in support of Advent’s bid.