The company makes about 100 branded products including Buffalo beef jerky, loose and preserved beef and soy products on sale in over 2,000 supermarkets and 10,000 convenience stores.
Lunar Capital operating partner Eric Yiming will take over as CEO following the buyout and will work alongside company founders Tang Kelin, Tang Kexiang and Liu Zhongying.
Kelin said it was time to hand over the baton to stronger, more cosmopolitan hands after 30 years of hard work.
Mid-market-focused Lunar promoted Yiming to sector partner focusing on the food, beverage and consumer goods earlier this month.
Yiming has been with the Shanghai-headquartered firm since last year working in several advisory roles.
He has previously served as managing director of Greater China for HM Sampoerna Tobacco Group, marketing vice president for Heineken and general manager of China for Tropicana.
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