Craveable Brands deal off as PE investor loses appetite for fast food giant

PAG Asia Capital failed to reach an $800 million deal to sell Craveable Brands – the parent of Oporto, Red Rooster and Chargrill Charlie’s – to Affinity Equity Partners.

The Australian Financial Review (AFR) reported that Affinity backed out from its bid to acquire Craveable Brands following due diligence.

PAG took ownership of Craveable Brands for $480 million in 2019, when the fast food chain group was generating about $60 million from Oporto, Red Rooster, and Chicken Treat.

In 2023, Craveable Brands added Chargrill Charlie’s to its portfolio.

The report noted that fast-food giants have been facing challenges amid the rise of other operators like Frango, as well as Korean and Lebanese-themed fast-food restaurants.

As Affinity abandons the negotiations, PAG’s bankers at Morgan Stanley have started talks with other potential buyers, the AFR reported.

The post Craveable Brands deal off as PE investor loses appetite for fast food giant appeared first on Inside Retail Australia.