$ 500 MILLION sale in Australia: Asian fund buys popular fast food chains Oporto, Red Rooster and Chicken Treat
- Asian company bought restaurants Oporto, Red Rooster and Chicken Treat
- PAG Asia Capital is said to have acquired this for around $ 500 million
- Archie Capital said the figure could not be confirmed for confidentiality reasons
- Director Peter Gold said the company was in good hands
A leading Asian investment company has bought Oporto, Red Rooster and Chicken Treat for half a billion dollars.
PAG Asia Capital has taken over the parent company Craveable Brands from the chicken restaurant – once touted as the largest owner of fast food restaurants in Australian hands.
Although the exact figure has not been disclosed, the sum is believed to be approximately $ 500 million.
Previous owner Archer Capital said the sale would lead to more growth because PAG was likely to expand the franchise.
& # 39; They want to see the company grow and expand & # 39 ;, told management partner Peter Gold news.com.
A leading Asian investment company has bought Oporto, Red Rooster and Chicken Treat for half a billion dollars (stock image)
PAG Asia Capital has taken over the parent company Craveable Brands from the chicken restaurant – once touted as the largest owner of fast food restaurants in Australian hands (stock image)
& # 39; I am sure they have thought about what they would like to do, but it is all about growth and should be good for the consumer. & # 39;
The buyout marks the second time that Craveable Brands has joined forces in the private equity market.
The first transfer took place in 2011, when Archer Capital obtained it from mid-market Australian firm Quadrant Private Equity.
Archer Capital has previously attempted to sell its activities, but received a lukewarm response when it made a public offering in mid-2017.
Mr. Gold pointed out that Archer Capital had no intention of selling when PAG first approached them.
Although he said the company was placed in the good hands of a private equity company that & # 39; international experience & # 39; had.
Craveable Brands has 550 takeaways and manages a workforce of 12,500 employees.
More than 150,000 customers pass through the doors of the chicken companies every day.
Just two years ago, PAG purchased the Australian-based retail chain The Cheesecake Shop for an estimated $ 100 million.
The new deal makes it PAG & # 39; s largest Australian buyout.
PAG Chairman and CEO Weijian Shan has released a statement saying he is looking forward to the future.
& # 39; PAG has a long track record of successful partnerships with established brands and franchisees, especially in our work with The Cheesecake Shop, and we look forward to supporting Craveable's high-quality and dedicated franchisees in growing their business , & # 39; he said.
Lesser-known Chicken Treat was founded in 1976 and is usually found in Western Australia with 60 stores in the state and only a few outlets in Central Queensland (stock image)
Porto was founded in the north of Bondi in 1986 and is the brain of the Portuguese-Portuguese Antonio Cerqueira.
Fast forward to today, and the popular fast food restaurant has more than 100 outlets in Australia and New Zealand.
Red Rooster first opened its doors in Kelmscott, in southeastern Perth, in Western Australia in 1972.
The family business has been up and running several times and has handed over several hands with more than 360 stores throughout the country.
Lesser-known Chicken Treat was founded in 1976 and is usually found in Western Australia with 60 stores across the state and only a few outlets in Central Queensland.
Only in 2018 did different retailers of the three fast-food restaurants claim that they were being pushed to bankruptcy, The Sydney Morning Herald reported.
The owners claimed that Craveable Brands had caused high costs and operational limitations.
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