US private equity giant TPG Capital has won the on-going bidding war to acquire Australia’s poultry firm, Ingham Enterprises.

TPG Capital succeeded to acquire the poultry business after four bids were filed for the company on Thursday night. The equity beat rivals including Blackstone Group LP for acquiring the iconic business from the country down under. The two companies have not confirmed the deal officiallyyet.

According to reports, the deal valued the company at around A$1 billion or $1.02 billion and that the company paid A$850 million and a small cash earn-out for acquiring the firm. Under the deal, Ingham family will continue to own their racing business as well as a substantial property portfolio and transfer the ownership of the poultry business to the equity investor.

Bob Ingham, who is the only investor in the firm, had offered the company for sale in July, 2012. Mr. Ingham had earlier said that the he is looking to find a buyer for the business who would ensure that employees are looked after and customers are well served. The equity firms are increasingly looking to acquire Australian food manufacturers due to strong sales and solid cash flows in the sector.

Ingham Enterprises was advised by Investec Bank and TPG was advised by Macquarie Capital.