Global private equity group KKR Asset Management (NYSE:KKR) has reached a definitive agreement with Aware Super to acquire ProTen Pty Ltd, one of Australia’s largest agricultural infrastructure businesses.
The deal, announced on Wednesday and reportedly valued at about $1.3 billion, will see KKR-managed funds take control of ProTen, a pivotal player in Australia’s poultry supply chain, with operations spanning more than 60 farms and 700 poultry sheds nationwide.
ProTen’s strategic role in Australia’s poultry supply chain
Founded in 2001, ProTen has established itself as a key developer and operator of farm infrastructure supporting Australia's poultry sector. The company plays a crucial role in ensuring access to affordable, sustainable protein for Australian households, with a portfolio that covers major agricultural regions from Queensland to South Australia.
Aware Super, one of Australia's largest superannuation funds managing $190 billion, has owned ProTen since 2018. Over the years, the company has expanded under the fund’s stewardship, with significant growth in its property holdings and nationwide operational footprint.
During this period, the fund’s infrastructure team spearheaded a fourfold expansion of ProTen’s property portfolio, alongside operational growth across all states. KKR’s acquisition of ProTen is seen as an opportunity to further scale the business and solidify its place as a leading player in the food supply chain.
A strong investment opportunity in agricultural infrastructure
KKR’s managing director and head of Australia & New Zealand infrastructure, Andrew Jennings, highlighted the attractiveness of the deal.
"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," he said. He emphasized KKR’s confidence in ProTen’s growth potential, driven by rising demand for sustainable protein and the business’s solid position in the poultry industry.
“ProTen is well placed for continued growth,” Jennings added. "We look forward to leveraging KKR’s global network, operational expertise and deep experience in scaling businesses to support ProTen.”
Focus on long-term sustainable returns for members
Jiren Zhou, Aware Super’s portfolio manager for infrastructure, reflected on the fund’s seven-year involvement with ProTen.
“We are proud to have grown ProTen into the leading business it is today, through our active stewardship of the business," Zhou said. “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."
Next steps and market outlook
This deal marks KKR’s continued expansion into the infrastructure space in Australia and New Zealand, following previous investments in energy, transport and airport assets across the region. ProTen will now join KKR’s Asia Pacific Infrastructure Investors II Fund, adding to a portfolio that includes high-profile assets like Zenith Energy and Queensland Airports.
The transaction, which is expected to close later this year pending regulatory approval, underscores the increasing interest in agricultural infrastructure as a key investment sector. With food security and sustainable supply chains gaining prominence, ProTen’s role in Australia’s food system is set to be a central focus for KKR as it works to scale the business for future growth.