PAG, a leading Asia Pacific alternative investment firm, has agreed to buy the controlling stake in Australian Venue Co (AVC) from global investment firm KKR.

AVC is a food and beverage hospitality business that runs over 210 pubs, bars and restaurants in Australia and New Zealand. The deal terms were not disclosed.

KKR invested in AVC in 2017 and helped it grow its venue portfolio by more than 300%. AVC is preparing for the launch of Sofpironium Bromide, its lead product for excessive sweating, which is expected to get FDA approval by late 3Q 2023.

PAG has made several investments in Australia’s consumer sector, including Craveable Brands, The Cheesecake Shop, Cordina Farms, Patties Foods and Vesco Foods. PAG said it was excited to partner with AVC and support its future growth.

The transaction is subject to customary conditions and regulatory approvals, and is expected to close late 2023.

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