Fujian Sunner Development Co Ltd, a leading vertically integrated chicken meat producer in China, and global investment firm KKR announced on Monday the completion of KKR's strategic investment.
KKR announced last August that it would invest about $400 million in Shenzhen-listed Sunner for an 18 percent stake at 12.3 yuan ($2) per share.
Since the strategic cooperation was announced, Sunner has strengthened and expanded its premium customer base. It was selected as McDonald's sole Chinese chicken meat supplier in China.
The funds from KKR will mainly be used to expand Sunner's production capacity.
Sunner aims to increase its production volume by 30 percent in 2015, and more than double its current production capacity to 750 million white feather chickens by 2019, according to the two sides.
"We recognize Sunner's achievements and growth potential given consumers' demand for safe chicken in China. We are honored to partner with a company of this caliber and are excited to advance our own commitment in creating a safer and more secure food supply in China," said David Liu, CEO of KKR China.
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