KKR to acquire ProTen from Aware Super in A$1.3bn poultry infrastructure deal

KKR & Co. Inc. (NYSE: KKR) has announced a definitive agreement to acquire ProTen Pty Limited, one of Australia’s largest poultry infrastructure operators, from Aware Super, in a deal estimated to be valued at approximately A$1.3 billion. The investment will be made through KKR’s Asia Pacific Infrastructure Investors II Fund, with the transaction expected to close later in 2025, pending customary regulatory approvals.

ProTen, founded in 2001, owns and operates more than 700 broiler chicken sheds across over 60 farms in key agricultural zones in New South Wales, Victoria, Queensland, South Australia, and Western Australia. Under Aware Super’s ownership since 2018, the infrastructure developer has significantly expanded its asset footprint and geographic reach, establishing itself as a leading partner in Australia’s vertically integrated poultry supply chain.

What strategic value does KKR see in acquiring ProTen amid growing demand for food infrastructure?

The acquisition is being framed by KKR as a high-conviction investment in agricultural infrastructure, which the private equity giant sees as a structurally essential sector in the Asia Pacific region. In a statement accompanying the announcement, Andrew Jennings, Managing Director and Head of Infrastructure for Australia and New Zealand at KKR, said ProTen’s appeal lies in its “high-quality agricultural assets supported by availability-based long-term contracts.”

KKR has emphasized the role of resilient food systems in future-proofing economies against supply shocks, inflationary risks, and protein demand shifts. ProTen’s network of poultry farms positions it as a key player in supporting affordable and sustainable nutrition for Australian households—an alignment that institutional investors increasingly seek in infrastructure portfolios. The deal also supports broader global themes around sustainable protein consumption, supply-chain localization, and environmental resilience.

How has Aware Super positioned ProTen for its next phase of institutional ownership?

Aware Super, one of Australia’s largest pension funds with A$190 billion under management on behalf of 1.2 million members, acquired ProTen in 2018 and has since overseen a fourfold expansion of the asset’s real estate footprint. According to Aware Super’s infrastructure portfolio manager Jiren Zhou, the transaction validates the fund’s long-term stewardship approach and infrastructure investment thesis.

Institutional investors have taken note of the value created under Aware Super’s tenure. Analysts familiar with the infrastructure space see the ProTen exit as emblematic of how superannuation funds are increasingly optimizing their portfolios by recycling mature assets into newer impact-aligned opportunities. Aware Super retains over A$20 billion in infrastructure investments globally and continues to pivot toward climate-positive, digital, and social infrastructure classes.

What are the specific operational characteristics that make ProTen an attractive infrastructure asset?

ProTen’s operational model focuses on the ownership, development, and leasing of broiler farm infrastructure to poultry processors through long-duration, availability-based contracts. This model ensures stable, inflation-linked cash flows—making the business highly attractive to long-term investors such as infrastructure funds and pension capital.

Its 700+ poultry sheds, managed across more than 60 farm locations, provide meaningful scale, geographic diversification, and embedded customer relationships with some of Australia’s top poultry integrators. CEO James Wentworth described the business as one that has “grown alongside its customers,” attributing operational success to both Aware Super’s consistent investment and the firm’s customer-centric execution.

KKR is expected to leverage its global infrastructure expertise to further professionalize and digitize farm operations while evaluating potential expansion into adjacent protein or logistics verticals. The firm’s experience in regulated utilities, transport, and energy infrastructure in Australia provides a solid foundation for unlocking operational synergies and sustainability-led improvements.

How does this deal fit into KKR’s broader Asia Pacific infrastructure strategy?

The ProTen acquisition is the latest in a string of strategic infrastructure deployments by KKR in the Australia–New Zealand corridor. Past investments in the region include Zenith Energy (remote power generation), Queensland Airports Limited, Spark Infrastructure (electricity networks), and Ritchies Transport (New Zealand mobility). Together, these form a diversified basket of essential-service assets with long-term yield and inflation protection.

KKR’s Asia Pacific infrastructure platform has grown rapidly since its establishment in 2019, reaching approximately US$13 billion in assets under management. With the ProTen deal, KKR reinforces its thematic focus on food, energy, and mobility—three domains that are increasingly converging as climate change, geopolitical volatility, and demographic shifts impact capital flows into real assets.

Institutional sentiment around KKR’s regional strategy remains positive. Analysts note that while energy and transport assets have traditionally dominated infrastructure portfolios, sectors like agriculture are fast gaining relevance due to their defensiveness and sustainability-linked appeal.

What is the projected financial and market impact of the ProTen acquisition going forward?

While specific revenue or EBITDA figures for ProTen were not disclosed in the public release, estimates suggest the poultry infrastructure provider generates stable mid-double-digit margins based on its high utilization rates and long-term customer contracts. The A$1.3 billion valuation reflects both historical growth and anticipated scalability under KKR’s ownership.

Investors interpret the transaction as a signal of deepening appetite for infrastructure sub-sectors with ESG alignment, predictable cash flows, and physical asset backing. Institutional demand for food-related infrastructure is expected to grow further as inflation-hedging and food security take center stage in long-term allocation strategies.

The transaction also strengthens KKR’s competitive positioning in a field where other global investors—such as Brookfield, Stonepeak, and Macquarie—are deploying similar thematic capital. KKR’s diversified infrastructure approach, now extending into food systems, could serve as a template for future agricultural asset roll-ups or vertical integrations in the Asia Pacific region.

What does ProTen’s future look like under KKR, and how might the acquisition influence industry dynamics?

Under KKR’s ownership, ProTen is expected to retain its existing management team, customer relationships, and operational model while potentially expanding its platform through selective acquisitions or greenfield developments. KKR’s global network may also introduce new technology and sustainability practices to improve productivity and reporting across ProTen’s farm assets.

Industry watchers believe this acquisition could encourage further institutional investment into Australian agri-infrastructure, especially as climate resilience and food sovereignty become policy priorities. Analysts expect to see increased M&A activity in protein logistics, food processing, cold storage, and upstream farm tech in the coming quarters, particularly from global private capital providers.

For Aware Super, the successful exit of ProTen reinforces its ability to generate long-term, sustainable value for its members. For KKR, the deal is a strategic foothold in the evolving food-infrastructure investment landscape.

What does KKR’s ProTen deal reveal about the future of food-linked infrastructure investing in Asia-Pacific?

KKR’s entry into Australian agricultural infrastructure via ProTen marks a turning point in how investors perceive food-chain real assets. The move consolidates a trend of mainstreaming agri-infra into core infrastructure portfolios, driven by sustainability, resilience, and yield stability. Analysts view it as part of a larger reallocation toward essential services that can withstand economic shocks while delivering durable long-term returns.