KKR to Acquire ProTen Agricultural Infrastructure Business from Aware Super

Global investment powerhouse KKR has reached a definitive agreement with Aware Super to acquire ProTen Pty Limited, marking a strategic entry into Australia’s agricultural infrastructure sector. The transaction represents KKR’s commitment to high-conviction infrastructure opportunities in the Asia Pacific region, with the deal set to close later this year pending regulatory approvals.

The ProTen Advantage: Scale and Stability

ProTen operates as one of Australia’s most substantial agricultural infrastructure businesses, managing poultry infrastructure spanning more than 700 sheds across over 60 farms nationwide. Since its establishment in 2001, the company has become integral to Australia’s poultry supply chain, supporting reliable access to sustainable protein for domestic households.

The business operates across key agricultural regions throughout New South Wales, Victoria, South Australia, Western Australia, and Queensland, maintaining long-term, availability-based contracts with its customer base. This contractual foundation provides visibility and stability—hallmarks of defensive infrastructure assets.

Seven Years of Value Creation Under Aware Super

Aware Super, which manages A$190 billion for 1.2 million members, acquired ProTen in 2018 and executed a comprehensive growth strategy. The fund’s infrastructure team orchestrated a substantial expansion of the business’s operational footprint across all states and expanded the property portfolio by four-fold during this period.

Jiren Zhou, Portfolio Manager for Infrastructure at Aware Super, reflected on the stewardship period: “Our active management approach has transformed ProTen into the sector leader it represents today. After seven years of meaningful capital deployment, achieving this outcome creates meaningful value for our members’ retirement savings while reinforcing our commitment to long-term, sustainable returns. This transaction exemplifies how disciplined infrastructure investing strengthens portfolio quality and diversification—our A$20 billion infrastructure portfolio now spans global opportunities with targeted exposure to Europe, North America, Australia, and Asia.”

Strategic Rationale: Why KKR Sees Opportunity

Andrew Jennings, KKR’s Managing Director and Head of Australia & New Zealand Infrastructure, outlined the investment thesis: “ProTen represents a distinctive opportunity to secure a premium-quality agricultural infrastructure asset underpinned by durable contractual relationships. We’ve been actively assessing the agricultural infrastructure landscape as a thematic conviction play. The combination of ProTen’s asset quality, customer relationships, and favorable sector dynamics within poultry production aligns with secular tailwinds—rising demand for sustainable protein and resilient food systems creates a compelling backdrop for continued expansion. We intend to deploy our global platform expertise and operational capabilities to support the business through its next growth phase.”

The acquisition will be funded through KKR’s Asia Pacific Infrastructure Investors II Fund, which has grown to approximately US$13 billion in assets under management since its 2019 inception.

Contextualizing KKR’s ANZ Infrastructure Strategy

This transaction extends KKR’s track record of significant infrastructure commitments in Australia and New Zealand. Previous investments include Zenith Energy (independent remote power generation), Queensland Airports Limited (four-airport operator), Spark Infrastructure (regulated electricity networks), and Ritchies Transport (transportation operator).

Operational Continuity and Future Direction

James Wentworth, CEO of ProTen, stated: “We remain grateful for Aware Super’s unwavering commitment and investment throughout our partnership. Their support enabled our team to expand alongside customer growth. Partnering with KKR opens an exciting new chapter—our operational focus, management structure, and mission remain constant: delivering premium poultry supply chain infrastructure to feed Australia.”

The acquisition positions ProTen to continue capitalizing on structural demand drivers within Australia’s food supply chain while maintaining the operational excellence and customer relationships that define the business.