PAG acquires F&B business Australian Venue Co from KKR
The F&B business owns and operates more than 210 bars, pubs, and restaurants.
Asia Pacific-focused investment firm PAG has bought a controlling interest in Australian Venue Co from global investment firm KKR for an undisclosed amount.
AVC is an established food and beverage hospitality business that owns and operates a portfolio of more than 210 unique pubs, bars and restaurants in metro, suburban and regional locations across Australia and New Zealand.
KKR invested in AVC in 2017 with a portfolio of 50 leasehold venues with the objective of partnering and supporting the growth ambitions of its management team. This successful collaboration has resulted in venue growth of more than 300%.
The acquisition is the latest investment by PAG in Australia’s consumer sector. The group also owns Craveable Brands, the F&B business that owns iconic Australian brands like Red Rooster, Oporto, Chargrill Charlie’s, and Chicken Treat. More recently PAG acquired and integrated together Patties Foods and Vesco Foods, leading manufacturers of some of Australia’s best-loved food brands including Four’N Twenty, Patties and Nanna’s.
“This is an exciting time for AVC. We are grateful for KKR’s strong support in scaling the business over the years, growing our employee base from 780 to 8,500 people, and creating jobs through growth and investment in our venues. We look forward to working with our new partners in PAG, their investment affirms the strength of the platform and our future growth potential in Australia and New Zealand,” Paul Waterson, CEO of Australian Venue Co said.
The transaction is expected to close in late 2023, subject to customary conditions, including regulatory approvals.
