PAG to acquire food and beverage hospitality business Australian Venue Co from KKR

• KKR invested in AVC in 2017
• The transaction is expected to close late 2023
• Jefferies and Allens advised KKR and AVC while BofA Securities and Ashurst advised PAG

PAG has agreed to acquire a controlling stake in Australian Venue Co, a food and beverage hospitality business, from KKR. No financial terms were disclosed.

AVC owns and operates a portfolio of more than 210 pubs, bars and restaurants across Australia and New Zealand.

KKR invested in AVC in 2017.

On the deal, David Lang, a partner and co-head of KKR Australia and New Zealand, said in a statement, “AVC has established itself as a leader in Australia and New Zealand’s dynamic and constantly evolving hospitality sector. We are excited to have worked alongside Paul and AVC’s dedicated team to invest in the company’s expansion and believe that AVC is well positioned for the future. We wish the entire AVC team continued success with PAG.”

The transaction is expected to close late 2023.

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

PAG is focused on the Asia Pacific region.