KKR is acquiring ProTen, an Australian broiler chicken grower from Aware Super for an unspecified sum.
KKR, investing from its Asia Pacific Infrastructure Investors II fund, said its investment will build on ProTen’s position for continued growth and its operational excellence in the poultry supply chain.
Established in 2001, ProTen develops, owns and operates farm infrastructure for Australia’s poultry supply chain. The company manages over 700 poultry sheds across more than 60 farms in key agricultural regions nationwide.
Australian industry superannuation fund Aware Super has owned ProTen since 2018.
Andrew Jennings, managing director and head of Australia & New Zealand infrastructure at KKR, said: “We are impressed by the quality of ProTen’s assets, its long-term contractual relationships with its customers, and the favourable dynamics within the poultry industry.
“As demand for sustainable protein and resilient food supply increases in Australia, we believe ProTen is well placed for continued growth. We look forward to leveraging KKR’s global network, operational expertise, and deep experience in scaling businesses to support ProTen.”
Jiren Zhou, Aware Super portfolio manager – infrastructure, said: “We are proud to have grown ProTen into the leading business it is today, through our active stewardship of the business. Following seven years of significant investment, we are delighted to achieve this result on behalf of our members, to grow their retirement funds and deliver long-term sustainable returns.”
James Wentworth, CEO of ProTen, said: “ProTen is very grateful for the long-standing relationship it has enjoyed with Aware Super. Over the last seven years they have been unwavering in their commitment to and investment in the business.
“This support and the hard work of our team has enabled us to service and grow with our customers. We look forward to an exciting new chapter with KKR. Our business, management and focus will remain unchanged – partnering with our customers to feed Australia.”
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