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.
