Australian Venue Co (AVC), a hospitality firm owned by Hong Kong-based private equity firm and CVC Capital Partners, has bought four pubs from Australian property investor Solotel.
The purchase price was not disclosed, but media reports suggested AVC paid between A$50-A$60m (鈧�29m-鈧�35m) for the assets, which included The Golden Sheaf and Barangaroo House, two of Sydney鈥檚 most popular venues.
The vendor said the combined sales represented 鈥渁 reset鈥� for the Solotel group into a smaller, sharper, Solomon family-led group with reinvestment planned in the remaining portfolio, as well as looking to grow in new bars and restaurants.
Elliot Solomon, Solotel CEO, said: 鈥淗ospitality very much remains our focus. The sale to AVC represents an opportunity to refocus the business on exceptional and unique venues, rather than scale.鈥�
鈥淭his decision allows us to simplify the business, reduce complexity, and focus our energy on our remaining venues as well as new projects where we can be more hands-on,鈥� said Solomon.
AVC, which was previously owned by KKR, operates around 200 pubs around Australia and has been on the market looking to acquire large-format, beverage-led venues, predominantly pubs in metro, suburban and regional areas.
In 2023, PAG acquired a majority stake in AVC from KKR for A$1.4bn. Following an investment from CVC last year, the company鈥檚 ownership is now split equally between PAG and CVC at 45% each, with the remaining 10% held by management.
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