The sale of New Zealand poultry producer Tegel Foods to private equity firm Affinity Equity Partners for a reported NZ$600 million (US$455.8 million) has been approved by the Overseas Investment Office, according to reports.

Tegel is owned by a consortium of investors headed by Australian private equity firm Pacific Equity Partners, which owns 43% of the company. Australia and New Zealand Banking Group Limited and related entities own another 30% and Tegel management owns 14%.

Affinity acquired Tegel by buying all of Tegel's parent company, NZ Poultry Enterprises. Pacific Equity Partners bought Tegel from HJ Heinz five years ago for NZ$250 million (US$190 million).