Cash boost for GT owner Quinn
Australian motor racing high flyer Tony Quinn has sold his pet food company for a reported $410,000,000.
The Scot is a big player in motor racing in Australia and New Zealand, and owns a variety of circuits, teams, and categories on both sides of the Tasman.
His current motor racing portfolio includes owning and running the Australian GT Championship, which both he and son Klark Quinn also compete in.
Quinn Senior is also the major backer of Shane van Gisbergen’s Tekno Autosports V8 Supercars entry, through another of his companies, chocolate makers Darrell Lea.
In New Zealand, Quinn owns the Highlands Motorsport Park, is believed to be close to purchasing the Hampton Downs circuit, and runs the Race to the Sky hillclimb event – which has recently announced it will return in 2016.
Quinn’s motor racing activities will now be boosted by the sale of the company that is already largely responsible for his wealth – VIP Petfoods – to private equity company Quadrant for 410 million Australian dollars.
"We built VIP Petfoods up from nothing – it's now Number 15 in the world," Mr Quinn is reported as saying by the Australian Financial Review.
"We did have a fairly good pet food business in New Zealand, sold that in 1993, then came to the Gold Coast to try it here. It was tough at first but as you know, the harder you work, the luckier you become.
"It's been a great journey for me and Christina and the kids, and now it's time to make some changes. I'm not finished here and will still be involved but my focus now will turn to building up Darrell Lea into a more recognised business."
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