KKR to acquire ProTen from Aware Super for $1.3b
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The news: US private equity and investment giant KKR has agreed to acquire chicken farming business ProTen from Aware Super. A source familiar with the transaction told Capital Brief the deal is worth around $1.3 billion.
The numbers: The source said that ProTen is expected to post financial year 2025 earnings before interest, tax, depreciation and amortisation of around $90 million.
The context: KKR has signed definitive agreements with Aware Super to make the investment through its Asia Pacific Infrastructure Investors II Fund. It is expected to close later this year, pending regulatory approvals.
KKR’s Asia Pacific infrastructure platform has grown to approximately USD13 billion ($19.77 billion) in assets under management since it was established in 2019.
ProTen was established in 2001 and owns and operates poultry infrastructure in Australia, which includes around 700 poultry sheds across 60 farms.
Aware Super, which manages $190 billion of assets on behalf of 1.2 million members, has owned ProTen since 2018. The company’s infrastructure team expanded ProTen’s footprint across all states and expanded its property portfolio by four times.
What they said: “Our investment in ProTen is a unique opportunity to acquire a high-quality agricultural infrastructure asset, supported by availability-based long-term contracts, that plays an essential role in the food supply chain,” KKR managing director and head of Australia and New Zealand infrastructure Andrew Jennings.
“KKR has been actively monitoring the agricultural infrastructure space as a high-conviction thematic.”
The source: KKR, Aware Super and ProTen joint media release
