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PAG buys Australian Venue Co from KKR

PAG, an alternative investment firm focussed on investments in the Asia Pacific region, is to acquire a controlling interest in Australian Venue Co (AVC), a food and beverage hospitality business, from KKR. Financial terms of the transaction have not disclosed.

AVC 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 and has since supported venue growth of more than 300%.

PAG’s acquisition of AVC marks the firm’s latest investment in Australia’s growing consumer sector. Previous control investments include Craveable Brands, owner of the Red Rooster, Oporto, Chargrill Charlie’s and Chicken Treat brands, The Cheesecake Shop, and Cordina Farms. More recently PAG acquired and combined Patties Foods and Vesco Foods.

The deal is expected to close late 2023, subject to customary conditions, including regulatory approvals.

Jefferies and Allens advised KKR and AVC, and BofA Securities and Ashurst advised PAG, with acquisition financing arranged by KKR Capital Markets.

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