Close×

Craveable Brands, operating Red Rooster, Oporto and Chicken Treat stores across Australia and Asia, has been sold to PAG Asia Capital. It is the Hong Kong based private equity buyout arm of investment firm PAG. 

It acquired the company from Archer Capital and minority shareholders. In a joint statement, Archer Capital managing partner Peter Gold says: “Since our investment in 2011 we have been successful in building this business to approximately $800m of network sales annually… We look forward to seeing the business expand and prosper under PAG’s ownership.”

PAG chair and CEO Weijian Shan says the company will be a “terrific asset” in the quick service retail market. “We see great opportunities for Craveable and look forward to working with management on the next stage of portfolio innovation. PAG has a long track record of successful partnerships with established brands and franchisee networks, notably in our work with The Cheesecake Shop, and we look forward to supporting Craveable’s high quality and dedicated franchisees as they grow their business,” Shan says. 

Craveable has more than 580 quick service restaurants across Australia, New Zealand, Singapore and Sri Lanka with plans to open in Vietnam and the Middle East. 

Current management will stay in place. CEO Brett Houldin says the company is looking forward to benefiting from PAG’s “wealth of experience and international connections”. 

A Craveable spokesperson told Food & Drink Business they could not confirm the rumoured $500 million price tag for the sale.

Packaging News

Health and the environment are converging as top concerns for consumers, with almost 60 per cent of consumers believing their health and well-being are strongly affected by environmental problems, according to a new study from Tetra Pak.

The Australian Institute of Packaging has had another successful year of its annual Foodbank Hamper Packing Day, packing 10,000 hampers for those in need and raising a million dollars in donations and funds.

Marian O'Leary of Melbourne-based packaging company RollsPack has been named Young Achiever 2019 at the Mebourne Business Awards – South East Region.