The bid/ask spread’s widened at KKR’s pubs group Australian Venue Co.
Debt markers appear to be stifling BGH Capital’s plans to acquire the country’s second-biggest pubs group Australian Venue Co, and could also make things tricky for its majority owner KKR.It is understood BGH Capital emerged as AVC’s preferred buyer in December, after asaw the Melbourne-based buyout firm see off big American rival Blackstone.
Sources said the talks were ongoing; however, it had taken longer than initially expected and there was still no certainty that a transaction would take place. The most obvious is a dividend recapitalisation – refinance the company with a bigger debt-funding facility, take out some equity and return it to underlying fund investors.
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