Allens has continued its strong run in private equity, having advised leading global investment firm KKR and portfolio company Australian Venue Co. (AVC) on the sale process for the hospitality business, culminating in the divestment to Asia Pacific-focused alternative investment firm PAG.
AVC is an established food and beverage-led hospitality group that owns and operates a portfolio of more than 210 pubs, bars and event venues across Australia and New Zealand. AVC's management team is set to retain a significant ownership position alongside PAG.
'We've been fortunate to work with the KKR and AVC teams at every stage of the investment journey. It's an exceptional business and the transaction demonstrates that defensive consumer-facing businesses continue to appeal to private equity sponsors in this market,' said lead Partner and Private Capital Sector Leader Emin Altiparmak.
'We're delighted to have supported KKR and AVC to reach this milestone and congratulate all involved. The business has seen remarkable growth under KKR's ownership and is well placed for this to continue with PAG,' said Managing Associate Josh Hoare.
The transaction continues a busy month for Allens' market-leading private equity team, which also advised on the successful private equity-led sale process for ZIMMERMANN to Advent International and TA Associates' exit of Honan Insurance, in addition to Bain Capital's proposed take private of Estia Health.
Allens legal team
M&A
Emin Altiparmak (Partner), Rob Pick (Partner), Joshua Hoare (Managing Associate), Paby Choi (Senior Associate), Harry Martin (Associate), Lachlan Paterson (Lawyer)
Leveraged finance
David Couper (Partner), Brian Kirkup (Senior Associate), Flavia Michael (Senior Associate)
Property
Annabelle Aland (Partner)
Employment
Simon Dewberry (Partner), Chloe Wilton (Managing Associate)
Intellectual Property
Tim Golder (Partner), Lauren John (Managing Associate)