Aboitiz buys Asian poultry feed firm from Zuellig family scion

Hong Kong-resident Peter Zuellig hands over the reins of animal feeds group Gold Coin to the Philippine conglomerate. He explains why he didn’t take the highest bid.

Philippines-listed Aboitiz Equity Ventures is taking control of the poultry-to-fish food group Gold Coin, a bet on the trend towards a more protein-based diet across Asia.

Peter Zuellig’s closely held Golden Springs Group said on Friday it had agreed to sell 75% of Singapore-headquartered Gold Coin at an implied enterprise valuation of $550 million and 12.5 times 2017 Ebitda.

“As the 500 million people in Asean become more affluent they will eat more meat and fish so the prospects for the business look good,” said Zuellig, a scion of the Swiss Zuellig dynasty during an interview with FinanceAsia.

Aboitiz’s food arm,...

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