The poultry company that supplies almost a quarter of the chickens consumed every year in Australia, ProTen, has been acquired by global investment firm, KKR, from Aware Super for a reported $1.3 billion.
ProTen is one of the country’s largest chicken producers and is #99 on Australia’s Top 100 Food & Drink Companies list with revenue of $151 million. It raises around 160 million birds a year with more than 700 poultry sheds across 60 farms.
Aware Super had owned ProTen since 2018 and expanded its operational footprint across all states as well as a four-fold expansion of its property portfolio.
KKR managing director and head of ANZ Infrastructure, Andrew Jennings, said, “Our investment in ProTen is a unique opportunity to acquire a high-quality agricultural infrastructure asset, supported by availability-based long-term contracts, that plays an essential role in the food supply chain.
“KKR has been actively monitoring the agricultural infrastructure space as a high-conviction thematic. We are impressed by the quality of ProTen’s assets, its long-term contractual relationships with its customers, and the favourable dynamics within the poultry industry.”
ProTen CEO, James Wentworth, said the company looked forward to working with KKR.
“Our business, management and focus will remain unchanged – partnering with our customers to feed Australia. ProTen is very grateful for the long-standing relationship it has enjoyed with Aware Super. Over the last seven years they have been unwavering in their commitment to and investment in the business. This support and the hard work of our team has enabled us to service and grow with our customers,” Wentworth said.
Allens advised KKR on the acquisition, which was made through KKR’s Asia Pacific infrastructure fund.
Allens lead partner, Charles Ashton said, “This transaction reflects the growing importance of sustainable food infrastructure and investor appetite for reliable, future-focused assets. Demand for sustainable protein and resilient food supply will continue to grow exponentially, with investor interest to follow.”
In January, egg producer Pace Farms acquired family-owned Kinross Farms. Pace Farms was bought by investment firm ROC Partners in 2023.
“As demand for sustainable protein and resilient food supply increases in Australia, we believe ProTen is well placed for continued growth. We look forward to leveraging KKR’s global network, operational expertise, and deep experience in scaling businesses to support ProTen,” Wentworth said.
