KKR, a leading global investment firm, and Aware Super, a leading Australian super fund, today announced the signing of definitive agreements under which funds managed by KKR will acquire ProTen Pty Limited (“ProTen”), one of the largest agricultural infrastructure businesses in Australia, from Aware Super.

Established in 2001, ProTen develops, owns, and operates farm infrastructure for Australia’s poultry supply chain, and plays an important role in supporting access to affordable, sustainable nutrition for Australian households. Today, the company manages poultry infrastructure including more than 700 poultry sheds across over 60 farms, located in key agricultural regions nationwide.

Aware Super, which manages A$190 billion on behalf of its 1.2 million members, has owned ProTen since 2018 and has overseen significant growth in the business. Aware Super’s infrastructure team expanded ProTen’s operational footprint across all states, along with a four-fold expansion of its property portfolio. KKR’s investment will build on ProTen’s position for continued growth and its operational excellence in the poultry supply chain.

Andrew Jennings, Managing Director and Head of Australia & New Zealand (ANZ) Infrastructure, KKR, said, “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. KKR has been actively monitoring the agricultural infrastructure space as a high-conviction thematic. We are impressed by the quality of ProTen’s assets, its long-term contractual relationships with its customers, and the favorable dynamics within the poultry industry. As demand for sustainable protein and resilient food supply increases in Australia, we believe ProTen is well placed for continued growth. We look forward to leveraging KKR’s global network, operational expertise, and deep experience in scaling businesses to support ProTen.”

Jiren Zhou, Aware Super Portfolio Manager - Infrastructure, said, “We are proud to have grown ProTen into the leading business it is today, through our active stewardship of the business. Following seven years of significant investment, we are delighted to achieve this result on behalf of our members, to grow their retirements funds and deliver long-term sustainable returns. 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.”

James Wentworth, CEO of ProTen, said, “ProTen is very grateful for the long-standing relationship it has enjoyed with Aware Super. Over the last seven years they have been unwavering in their commitment to and investment in the business. This support and the hard work of our team has enabled us to service and grow with our customers. We look forward to an exciting new chapter with KKR. Our business, management and focus will remain unchanged – partnering with our customers to feed Australia.”

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