One of Australia’s largest pub, bar and hotel operators, Australian Venue Co (AVC), is moving into its next phase of growth after securing a new private equity partner to join majority owner PAG.
AVC has announced that CVC Capital Partners Asia VI (CVC) will acquire a 45 per cent stake in the business, supporting its future expansion plans. CVC is a private equity fund managed by global investment firm CVC Capital Partners.
The new arrangement will see CVC and PAG each hold a 45 per cent share in AVC, with the remaining 10 per cent of equity retained by management.
Head of CVC Australia, Richard Blackburn, said: “We have long admired AVC and view it as best-in-class, both in terms of its customer offering and operations. We’re excited to be partnering with a truly exceptional management team and with PAG to support the next phase of growth for AVC.”
With CVC joining the ownership group, AVC, which operates 243 licensed venues, will have access to additional funding to support its ambitious growth strategy.
AVC Chief Executive Paul Waterson said: “The combination of CVC and PAG as owners will allow the company to meet its growth strategies to revamp existing premises and deliver better customer experience while also funding new opportunities in major population centres.”
PAG has been the majority owner of AVC since acquiring KKR’s stake in 2023. With AVC’s bold expansion plans now funded, PAG Managing Director Sid Khotkar said the new partnership was a strong outcome for both private equity firms and the AVC business.
“We work to invest in strong businesses in Australia and help make them even stronger. This agreement is a testament to that approach and to AVC’s great success.
“We are happy to partner with CVC on this next exciting phase for Paul and the team.”
AVC said its highly regarded management team will continue to lead the business into its next chapter.