PAG to acquire Australian venue operator from KKR

KKR and PAG have signed definitive agreements under which PAG will acquire KKR’s controlling interest in Australian Venue Co. (AVC).

Financial terms of the transaction were not disclosed.

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 through with a portfolio of 50 leasehold venues with the objective of partnering and supporting the growth ambitions of its management team.

PAG’s acquisition of AVC marks the firm’s latest investment in Australia’s growing consumer sector.

“AVC has established itself as a leader in Australia and New Zealand’s dynamic and constantly evolving hospitality sector,” said David Lang, partner and co-Head of KKR Australia and New Zealand.