PAG buys Australian Venue Co. from KKR
PAG Asia Capital Limited (PAG), a Hong Kong-based alternative investment firm focused on the Asia Pacific region, has agreed to buy KKR‘s controlling interest in Australian Venue Co. (AVC). The transaction is expected to close in late 2023, subject to customary conditions, including regulatory approvals.
The AVC group is an established food and beverage hospitality business that owns and operates a portfolio of more than 210 unique pubs, bars and event venues in metro, suburban and regional locations across Australia and New Zealand, including Bungalow 8 and Cargo Bar in Sydney, and The Esplanade in St Kilda.
Jefferies and Allens advised KKR and AVC, while BofA Securities and Ashurst advised PAG, with acquisition financing arranged by KKR Capital Markets.
Ashton Partner Anton Harris advised "we are delighted to have assisted PAG in its largest investment to date in the Australian region and we look forward to continuing to work with PAG for the closing phase. Congratulations to PAG and all the parties involved in this outcome."
Paul Waterson, Chief Executive Australian Venue Co. added “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.”
The roots of PAG date back more than two decades. PAG’s Credit & Markets business evolved from Pacific Alliance Group, co-founded by Chris Gradel in 2002 as a multi-strategy hedge fund manager. PAG Real Assets grew out of Secured Capital Japan, a pioneer in real estate and distressed asset investing in the Japan market co-founded in 1997 by Jon-Paul Toppino. Weijian Shan founded PAG's Private Equity business in 2010 after a successful career leading deals with private equity firms TPG and Newbridge Capital.
In 2010, Gradel, Shan and Toppino brought their respective successful strategies under the PAG brand, and realised their vision of creating a diversified, multi-strategy alternative investment firm. Each of the three founders continues to manage each of the three strategies. PAG now manages over US$50 billion in assets for approximately 300 institutional fund investors from around the world.
