KKR & Co. Inc. (NYSE:KKR) has struck a deal on Wednesday to acquire ProTen Pty Limited, a major player in Australia’s poultry farming infrastructure, from Aware Super, a leading Australian pension fund.
The agreement marks a strategic move by KKR to further expand its investments in the agricultural sector.
Founded in 2001, ProTen operates hundreds of poultry sheds across more than 60 farms, playing a crucial role in the country’s poultry production and food supply chain.
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KKR will channel funds from its Asia Pacific Infrastructure Investors II Fund to execute the transaction, which is pending regulatory approval and expected to close later in the year.
The acquisition is aimed at fueling the next phase of ProTen’s expansion and maintaining its leadership in the protein supply space.
Andrew Jennings, who heads KKR’s infrastructure operations in Australia and New Zealand, said the deal offers exposure to a “high-quality” agriculture platform backed by steady, long-term contracts.
Jennings added that ProTen’s strong positioning, coupled with the country’s increasing appetite for sustainable and secure protein sources, makes it an attractive asset for growth.
Aware Super, which has managed ProTen since 2018, helped broaden the business’s national footprint and quadruple its property base.
Jiren Zhou, infrastructure portfolio manager at Aware Super, said the fund’s active management approach delivered strong outcomes for its 1.2 million members while reinforcing its global infrastructure portfolio, now valued above 20 billion Australian dollars ($13.14 billion).
James Wentworth, ProTen’s CEO, credited Aware Super’s commitment and strategic investments for enabling significant customer growth.
He emphasized that the company’s operational structure and mission would remain unchanged under KKR’s ownership as they continue delivering affordable, sustainable poultry to Australian consumers.
The deal adds to KKR’s growing footprint in the region, following investments in Zenith Energy, Queensland Airports Limited, Spark Infrastructure, and Ritchies Transport.
Since 2019, the firm’s Asia Pacific infrastructure division has scaled to manage around $13 billion in assets.
According to Benzinga Pro, KKR stock has gained over 25% in the past year.
Investors can gain exposure to the stock via VanEck ETF Trust VanEck Alternative Asset Manager ETF (NYSE:GPZ) and EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF (BATS:LBO).
Price Action: KKR shares are trading higher by 1% to $133.75 premarket at last check Wednesday.
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