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”.