Craveable is the largest Australian-owned operator of quick service restaurants with over 580 stores across Australia under the Oporto, Red Rooster, and Chicken Treat brands.
It also has a growing international network, with stores in New Zealand, Singapore and Sri Lanka and soon to open in Vietnam and a number of countries in the Middle East.
“The transaction will begin a new and exciting chapter for us that will see us further grow Craveable from the solid platform already established. Archer has given us strong support over the last eight years, and we are now very excited to be partnering with PAG and benefiting from their wealth of experience and international connections,” said Brett Houldin.
PAG Chairman and CEO Weijian Shan said Craveable Brands is a “terrific asset in the Australian QSR market”, owning three iconic brands with significant scale.
“We see great opportunities for Craveable and look forward to working with management on the next stage of portfolio innovation,” Shan said.
Since 2011, Archer Capital has been successful in building this business to approximately $800m of network sales annually, said Archer Capital managing partner Peter Gold.
“We have had a great experience partnering with the management team led by Brett Houldin and countless hard working franchisees who have transformed the brands and customer experience,” he added.
PAG was advised by Goldman Sachs, King & Wood Mallesons and Ernst & Young. Debt for the transaction was underwritten by Goldman Sachs. Archer Capital was advised by Morgan Stanley, Herbert Smith Freehills and Ernst & Young. Financial details of the transaction are confidential and have not been disclosed. – VCNewsAsia.com