Private equity giant KKR has agreed to acquire ProTen, one of Australia's largest poultry infrastructure companies, from pension fund Aware Super in a deal worth approximately $1.3 billion. The transaction marks KKR's latest investment in Australian agricultural infrastructure as global investors increasingly target food supply chain assets with stable, long-term contracts.
The New York-based firm announced the acquisition Tuesday, saying it will purchase ProTen through its Asia Pacific Infrastructure Investors II Fund. The deal is expected to close later this year pending regulatory approvals.
ProTen, which operates more than 700 poultry sheds across 60 farms nationwide, is expected to generate earnings before interest, tax, depreciation and amortization of around $90 million in fiscal 2025, according to a source familiar with the transaction who spoke to Capital Brief1.
The company has been owned by Aware Super since 2018, when the Australian pension fund acquired it as part of its infrastructure investment strategy23. During Aware Super's ownership, ProTen expanded its footprint across all Australian states and quadrupled its property portfolio13.
Aware Super, which manages $190 billion in assets for 1.2 million members, developed ProTen into a major player in Australia's poultry supply chain infrastructure13.
KKR's acquisition reflects growing private equity interest in agricultural infrastructure assets that offer predictable cash flows through long-term contracts with food producers.
"Our investment in ProTen is a unique opportunity to acquire a high-quality agricultural infrastructure asset, supported by availability-based long-term contracts, that plays an essential role in the food supply chain," said Andrew Jennings, KKR's managing director and head of Australia and New Zealand infrastructure12.
"KKR has been actively monitoring the agricultural infrastructure space as a high-conviction thematic," Jennings added34.
The investment adds to KKR's growing portfolio in the Australia-New Zealand region, which includes power producer Zenith Energy and Queensland Airports Limited52.
Founded in 2001, ProTen develops, owns and operates farm infrastructure for Australia's poultry supply chain12. The company's network of poultry sheds serves as critical infrastructure for chicken producers across the country.
KKR's Asia Pacific infrastructure platform has grown to approximately $13 billion in assets under management since its establishment in 201932. The firm has maintained dividend payments for 16 consecutive years1.
ProTen CEO James Wentworth said the company's operations will continue unchanged under KKR ownership. "Our business, management and focus will remain unchanged - partnering with our customers to feed Australia," he said1.
