Sydney-based Craveable Brands, which owns Red Rooster, Oporto and Chicken Treat, is now in foreign hands after it inked a deal with an Asian investment firm last week.

Hong Kong-based equity firm PAG Asia has snapped up Craveable Brands’ franchise chains which, combined, has a total of 580 stores in Australia. It also has an expanding overseas network with stores already operating in New Zealand, Sri Lanka and Singapore, and more planned for Vietnam and several countries in the Middle East.

PAG Asia acquired the iconic Australian firm from Archer Capital and minority shareholders, it said in an announcement on Friday.

No financial details were disclosed, and according to PAG Asia, the current Craveable Brands management will continue to lead the business.

“The transaction will begin a new and exciting chapter for us that will see us further grow Craveable from the solid platform already established,” said CEO Brett Houldin. 

“Archer has given us strong support over the last eight years, and we are now very excited to be partnering with PAG and benefiting from their wealth of experience and international connections.”

Weijian Shan, PAG chairman and CEO, said they see great opportunities for Craveable and look forward to working with management on the next stage of portfolio innovation.