CVC Capital Partners (CVC Capital Partners Asia VI) → Australian Venue Co (45% stake, from PAG)
completedCVC Capital Partners Asia VI acquired a 45% stake in Australian Venue Co (AVC) from PAG, which had itself bought an ~80% controlling stake in AVC from KKR in 2023. Following the transaction, PAG and CVC each hold 45% of AVC, with management retaining the remaining 10%, creating an equal co-ownership partnership. Announced 1 August 2025. Note the ownership chain: KKR (invested 2017, grew AVC from 50 to 210+ venues) → sold ~80% to PAG in August 2023 for ~A$1.4bn → PAG sold down to 45% (bringing in CVC as equal partner) in August 2025.
CVC said it had "long admired AVC" and viewed it as best-in-class in both customer offering and operations, and intended to provide additional capital to fund venue revamps and expansion into major population centres as part of AVC's next growth phase.
PAG, remaining an equal 45% co-owner rather than exiting entirely, said the move reflected confidence in AVC's ongoing growth and its management team, while bringing in a global private equity partner (CVC) to help fund the next stage of expansion — effectively a partial realisation plus a capital partner addition rather than a full exit.
Not applicable — Australian Venue Co, PAG and CVC are all privately held for this transaction.
Trade press framed the deal as reflecting continued strong investor appetite for scaled Australian hospitality/pub platforms, and as PAG bringing in a global PE heavyweight as co-owner rather than a straightforward exit.
Deal mechanics
Not disclosed in available sources.
Not disclosed in available sources.
CVC Capital Partners Asia VI acquired a 45% equity stake in AVC from majority owner PAG, resulting in a 45%/45%/10% split between CVC, PAG and management respectively.
Not disclosed in available sources.
Equity investment from CVC Capital Partners Asia VI fund; described as bringing "additional funding" for venue growth, with no debt financing details disclosed.