PAG, a Sydney, Australia-based private equity firm, acquired Australian Venue Co (AVC), a Melbourne, Australia-based food and beverage hospitality business, from KKR.
The amount of the deal was not disclosed. The transaction is expected to close late in 2023, subject to customary conditions, including regulatory approvals.
Led by CEO Paul Waterson, Australian Venue Co (AVC) is a food and beverage hospitality business that owns and operates a portfolio of more than 210 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 its growth. This collaboration has resulted in venue growth of more than 300%.
PAG’s acquisition of AVC marks the firm’s latest investment in Australia’s consumer sector. Previous control investments include Craveable Brands, owner of restaurant brands Red Rooster, Oporto, Chargrill Charlie’s and Chicken Treat; The Cheesecake Shop; and Cordina Farms. More recently, PAG acquired and integrated together Patties Foods and Vesco Foods, manufacturers of Australian food brands including Four’N Twenty, Patties and Nanna’s.
FinSMEs
25/08/2023