PAG, an investment firm focused on Asia Pacific, has signed a definitive agreement with private equity company KKR to acquire food and beverage hospitality business Australian Venue Co (AVC) for an undisclosed amount.

AVC currently owns and operates more than 210 pubs, bars and restaurants across Australia and New Zealand. KKR invested in AVC in 2017 when the company only had 50 leasehold venues.

The acquisition of AVC marks PAG’s latest investment in Australia’s growing consumer sector, with previous control investments including Craveable Brands, The Cheesecake Shop, and Cordina Farms.

“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 8500 people, and creating jobs through growth and investment in our venues,” said Paul Waterson, CEO at AVC.

“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.”

Lincoln Pan, partner and co-head of PAG Private Equity, said he looks forward to supporting ACV on its next stage of growth, as part of the goal to work with strong businesses in Australia and help them become even stronger.

The transaction is expected to close in late 2023, subject to customary conditions.