Private equity firm PAG Asia Capital, through its subsidiary Craveable Brands, has acquired Chargrill Charlie’s, a popular Australian food chain with its roots in Coogee.
Founded in 1989 with a single outlet along Coogee Bay Road, the restaurant’s owners are confident that this partnership will propel the chain’s growth beyond its Sydney roots and transform it into a national player.
Specializing in chargrilled chicken and home-style meals, Chargrill Charlie’s has steadily expanded its presence and currently operates 17 stores in Sydney.
In 2019, the company ventured into Melbourne with its first store and opened a second outlet the following year. With the backing of Craveable Brands, which already houses well-known fast-food brands like Red Rooster, Oporto, and Chicken Treat, Chargrill Charlie’s aims to establish its presence in every state of Australia.
Saul Sher, one of the co-owners of Chargrill Charlie’s, expressed mixed emotions about the sale after 34 years of building the business. However, he is confident that this partnership will leverage Craveable’s resources, infrastructure, and industry expertise to accelerate growth.
Mr Sher believes that the family’s original concept of elevating the traditional Australian chicken shop to a gourmet food business will thrive under the new ownership.
Chargrill Charlie’s has earned a loyal customer base by offering a core menu of chargrilled chicken, salads, vegetables, chips, and roasted potatoes. The company also ensures customer satisfaction by constantly introducing new and enticing options on its specials menu.
Despite the challenges posed by rising inflation in recent months, Chargrill Charlie’s has managed to maintain strong customer loyalty and absorb some of the price increases.
PAG Asia Capital has been actively investing in the Australian food sector, having acquired Patties Foods last year, a company renowned for its popular meat pie brand, Four’N’Twenty, as well as Herbert Adams and Nanna’s pie brands.
Craveable Brands CEO Karen Bozic expressed confidence in continuing the legacy of Chargrill Charlie’s and expanding its footprint. Bozic emphasized that the Sher family would remain closely involved in the transition, operating multiple franchise stores for at least the next 12 months.
The acquisition is expected to be finalized by 30 June 2023.
Published 17-May-2023
