The deal is reportedly worth about $1.4 billion.
He said the agreement marks an exciting time for the company and its 8500 employees.“We look forward to working with our new partners in PAG,” he said in a media release.
“Their investment affirms the strength of the platform and our future growth potential in Australia and New Zealand.” The move comes after a recent flurry of Australian acquisitions by PAG, including Red Rooster owner Craveable Brands and Four’N Twenty pies manufacturer Patties Foods. Lincoln Pan, co-head of PAG, said AVC is a proven market leader with an exceptional management team and great potential.Credit:“AVC has created some of the most unique and iconic venues across Australia and New Zealand and we are looking forward to supporting them on their next stage of growth,” he said.
US-based investment firm KKR acquired AVC in 2017 and undertook a campaign of rapid expansion to grow the brand from 50 to 210 venues.
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