Some of Australia's most iconic pubs, bars and restaurants have a new owner after hospitality group Australian Venue Co and its 210-strong portfolio were snapped up by foreign investors.
PAG Private Equity will pay an undisclosed fee to the venue chain's parent KKR, the parties announced on Friday, but the AFR has quoted sources claiming the deal is worth about $1.4 billion.
The properties changing hands include Cargo Bar in Sydney and renowned Melbourne live music venue the Esplanade Hotel, which served as the filming location for SBS trivia program Rockwiz.
AVC chief executive Paul Waterson said the agreement marks an exciting time for the company and its 8500 employees.
"We look forward to working with our new partners in PAG," he said in a media release.
"Their investment affirms the strength of the platform and our future growth potential in Australia and New Zealand."
Lincoln Pan, co-head of PAG, said AVC is a proven market leader with an exceptional management team and great potential.
"AVC has created some of the most unique and iconic venues across Australia and New Zealand and we are looking forward to supporting them on their next stage of growth," he said.
Global investment firm KKR acquired the hospitality group in 2017, back when it boasted just 50 venues.
The transaction is expected to be wrapped up in late 2023, subject to regulatory approvals.