Red Rooster, Oporto and Chicken Treat have been bought by private equity firm PAG Asia Capital for an estimated $500 million.

Parent company Craveable Brands operates over 570 restaurants with 12,500 employees across the three brands.

PAG manages US$30 billion in assets and has more than US$45 billion invested across Asia. In Australia, the firm also owns The Cheesecake Shop.

Neither PAG nor previous Craveable Brands owner Archer Capital has commented on sale price. However, the deal is said to be valued at roughly half-a-billion dollars according to SmartCompany.

It’s expected PAG will take the three quick service chicken chains into the international market.

The current team at Craveable Brands will remain in place.

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