New Zealand-based poultry processor Tegel Foods has reportedly been conditionally sold to Affinity Equity Partners , in a deal worth NZ$605m (US$468.7m).

According to The New Zealand Herald, Affinity Equity Partners has applied to New Zealands’s Overseas Investment Office (OIO) to buy Tegel from Australian private-equity firm Pacific Equity Partners, ANZ Capital and UK mezzanine financier Intermediate Capital Group .

The newspaper said the deal is likely to be New Zealand’s biggest asset sale this year. Pacific Equity Partners bought Tegel from Heinz in 2005. It then sold 37% of the business to funds managed by ANZ Bank and Australian firm Lujeta in 2008.

According to the report, Tegel chief executive and executive chairman Ron Vela told staff in a recent memo that the deal was likely to go ahead in early May provided that it received OIO approval.

If the deal goes ahead, Vela will step down from his CEO role, and be replaced by COO Andrew Stevens.