KKR to Buy Australian Agriculture Firm ProTen From Aware Super

(Bloomberg) -- KKR & Co. agreed to acquire Australian agriculture infrastructure company ProTen Pty from Aware Super, in another Asia-Pacific deal by the US private equity firm.

KKR is making the investment from its Asia Pacific Infrastructure Investors II fund, it said in a statement Tuesday, without disclosing financial details. The transaction is expected to close later this year, pending regulatory approvals, it said. 

Established in 2001, ProTen develops, owns and operates farm infrastructure for Australia’s poultry supply chain. It manages more than 700 poultry sheds across over 60 farms in key agricultural regions across the country.

Aware Super, an Australian superannuation fund with A$190 billion ($125 billion) under management, has owned ProTen since 2018. 

“As demand for sustainable protein and resilient food supply increases in Australia, we believe ProTen is well placed for continued growth,” Andrew Jennings, a managing director and head of Australia and New Zealand infrastructure for KKR, said in the statement.

KKR’s Asia Pacific infrastructure platform has grown to about $13 billion in assets under management since it was established in 2019. Other recent investments include the acquisition of Zenith Energy and a majority stake in Queensland airports with other investors.

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