Global investment firm KKR and the Australian superannuation fund Aware Super have finalized agreements in which KKR-managed funds will purchase ProTen, one of Australia’s largest agricultural infrastructure businesses, from Aware Super.
Founded in 2001, ProTen develops and operates infrastructure for Australia’s poultry supply chain, ensuring affordable and sustainable nutrition for households. The company manages over 700 poultry sheds across more than 60 farms in key agricultural regions.
Since acquiring ProTen in 2018, Aware Super, which manages A$190 billion for 1.2 million members, has significantly expanded the business, quadrupling its property portfolio and increasing its operational footprint nationwide. KKR’s investment from its Asia Pacific Infrastructure Investors II Fund will further strengthen ProTen’s growth and operational excellence.
This marks KKR’s latest infrastructure investment in the Australia-New Zealand (ANZ) region, following previous investments in companies like Zenith Energy, Queensland Airports Limited, Spark Infrastructure, and Ritchies Transport. KKR’s Asia Pacific infrastructure platform has grown to about US$13 billion in assets under management since its inception in 2019.
The deal is expected to close later this year, subject to customary regulatory approvals.
KEY QUOTES:
“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. KKR has been actively monitoring the agricultural infrastructure space as a high-conviction thematic. We are impressed by the quality of ProTen’s assets, its long-term contractual relationships with its customers, and the favorable dynamics within the poultry industry. As demand for sustainable protein and resilient food supply increases in Australia, we believe ProTen is well placed for continued growth. We look forward to leveraging KKR’s global network, operational expertise, and deep experience in scaling businesses to support ProTen.”
Andrew Jennings, Managing Director and Head of Australia & New Zealand (ANZ) Infrastructure, KKR
“We are proud to have grown ProTen into the leading business it is today, through our active stewardship of the business. Following seven years of significant investment, we are delighted to achieve this result on behalf of our members, to grow their retirements funds and deliver long-term sustainable returns. This is an excellent example of how Aware Super’s disciplined and long-term approach has strengthened the fund’s high quality, diversified infrastructure portfolio, which currently has more than A$20 billion invested globally.”
Jiren Zhou, Aware Super Portfolio Manager – Infrastructure
“ProTen is very grateful for the long-standing relationship it has enjoyed with Aware Super. Over the last seven years they have been unwavering in their commitment to and investment in the business. This support and the hard work of our team has enabled us to service and grow with our customers. We look forward to an exciting new chapter with KKR. Our business, management and focus will remain unchanged – partnering with our customers to feed Australia.”
James Wentworth, CEO of ProTen
