King & Wood Mallesons is delighted to have advised PAG, a leading Asia Pacific focused alternative investment manager, on debt financing for its acquisition of KKR’s interest in Australian Venue Co (“AVC”).
KWM has supported AVC since KKR’s original investment in 2017. During that time, AVC has grown to become one of the largest hospitality groups in the country operating more than 210 unique pubs, bars and venues across Australia and in NZ.
The KWM team was led by banking partner Dan Flanagan, alongside senior associate Zoe Anderson and solicitors Vivien Ding and Michael Baker.
Commenting on the deal, Lincoln Pan, Partner and Co-Head of Private Equity at PAG, said:
“PAG appreciates the creativity and experience of Dan and the KWM team to help get this innovative facility to signing, which combines features attractive to bank financiers while maintaining flexibility for AVC to grow, providing the right solution in the current environment.”
Dan also commented:
“We are proud to support PAG on this landmark deal and to continue working with the AVC team as they execute their successful strategy. In a great sign for the market, this transaction demonstrates the continued appetite and ability for the bank market to deliver large leveraged loans.”
KWM has supported PAG on other significant and successful food and beverage investments in Australia, including its original investments into Craveable Brands and The Cheesecake Shop, and also acted for financiers for PAG’s investment in Patties Foods/Vesco Foods.
