Backed by over 20 superannuation funds, Quadrant Private Equity has bought Australian Fast Foods (AFF), the owner of Red Rooster and Chicken Treat, for $180 million.
The transaction was funded through the Quadrant Private Equity No 2 Fund, which raised $500 million in April.
Investors in the fund include Telstra Super, Westscheme, Sunsuper, Unisuper, Statewide Superannuation Trust, State Superannuation Fund (Victoria), Victorian Workcover Authority and Funds SA.
"Quadrant Private Equity has followed the success of Australian Fast Foods since the acquisition of Red Rooster in 2002 and believes the company has a fantastic position in the marketplace," Quadrant Private Equity managing director Chris Hadley said.
"AFF has a very good track record, strong management, a proven business model and strong market positions, which we will work with management to expand in both existing and future markets."
Together the two companies manage 450 food outlets in Australia and New Zealand, representing 10 per cent of the fast food industry.
