A Hong Kong-based private equity company has bought out restaurant operator Craveable Brands as the Australian company steps up its foray into Asia.

PAG Asia has paid an undisclosed amount to acquire the business from Archer Capital and other minority shareholders.

Craveable Brands owns the Red Rooster chain of fried chicken fast-food restaurants and Oporto, a Portuguese chicken quick-service restaurant which will open its first outlet in Vietnam this week. Oporto stores are already operating in Singapore and Sri Lanka.

Craveable Brands has more than 580 stores, including a third, smaller chain Chicken Treat.

“Craveable Brands is a terrific asset in the Australian QSR market, owning three iconic brands with significant scale,” said PAG chairman and CEO Weijian Shan in a statement announcing the purchase. “We see great opportunities for Craveable and look forward to working with management on the next stage of portfolio innovation.”

Archer Capital managing partner Peter Gold said his team had built the Craveable Brands business into a US$560 million company since acquiring it in 2011.

“We have had a great experience partnering with the management team led by Brett Holding and countless hardworking franchisees who have transformed the brands and customer experience.”

The current Craveable Brands management team will be retained.