Australian investors may find interest in Tegel's poultry business down New Zealand, according to International Business Times. The company's profits jumped from about $30 million to $80 million under the guidance of its private equity owners.

Tegel Foods Limited, New Zealand's producer of chicken products, made a profit this year. The favourable conditions has brought business owners to take preliminary steps to attract trade buyers and private equity firms.

Pacific Equity Partners (PEP) bought the chicken company from Heinz in 2005. Tegel profits jumped from about $30 million to $80 million under the guidance of its private equity owners. The profit does not include gains from acquisitions made in the past five years.

Trade buyers were reported to have prompted equity owners to consider a sale of the asset. Greenhill Caliburn and Morgan Stanley were appointed to analyse the options.

If the chicken company were to list on the public market, it would be one of the largest listings in New Zealand. Aside from operating a feed milling business, Tegel Foods covers the breeding, hatching, processing, marketing, and distribution of poultry products across the North and South Islands.

According to International Business Times, PEP investors sold a third of Tegel Foods to ANZ Capital in 2007. It bought the Tegel business for between NZ$250 million and NZ$300 million when several major New Zealand brands were being bought by private equities.