PAG Capital acquires Australian cake maker for $76m

Private equity firm PAG Asia Capital is reported to have acquired Australia-based cake retailer The Cheesecake Shop for A$100 million ($76 million). PAG has not revealed details on the transaction terms yet.

According to an AVCJ report, citing a source, PAG will work with The Cheesecake Shop’s existing management team as well as existing backers.

The Cheesecake Shop operates a network of more than 200 franchises in Australia, New Zealand, and the UK. It was started in 1991 by brothers Warwick and Robert Konopacki, and is now led by Ken Rosebery as managing director, according to the company’s website.

In addition to the franchising business, an ingredients supply operation was established, called United Network Suppliers, to support the retail bakeries. The headquarters of the business is now located in an office and warehouse complex at Villawood in Western Sydney (NSW Australia) and new franchisees are trained in the on-site bakery and retail store front.

Sweet business

It seems that PAG is very bullish on the dessert space this year. On Wednesday, PAG announced that it has invested $170 million in Europe-based dairy and ice cream producer Food Union Group. Together with Meridian Capital, who pumped in $55 million, the investment round amounted to $225 million.

The investment will further help Food Union grow its business in China, according to The Baltic Course report. Food Union commenced regular exports of dairy products to China in June 2015, consolidating its position in Shanghai supermarkets. The company’s shipments to China are delivered in containers two to three times a month.

Founded in 2002, PAG has grown to become one of Asia’s largest independent alternative investment management groups with $16 billion in capital under management across private equity, real estate, and absolute returns.

The company employs over 380 people in major financial hubs in Asia. Since its establishment 15 years ago, the group has invested over US$30 billion in markets across the region.

Also Read:

HK: PAG, Meridian Capital invest $225m in Europe’s Food Union Group

PAG Asia Capital acquires stake in SEA-based restaurant chain Paradise Group

China’s Apex, PAG Asia Capital to buy US printer maker Lexmark in $3.6b deal

Hong-Kong based private equity firm PAG Asia Capital raises $3.66b for second buyout fund

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.