Pacific Hunter, the Australia-based hospitality group encompassing brands such as Rockpool and Sake, has transitioned ownership from Quadrant Private Equity to its lenders, the Financial Review has reported.
Metrics Credit Partners, a private credit fund and key financier to Pacific Hunter, now oversees the company after it was unable to refinance its substantial debt.
The move marks a notable change for the Australian foodservice sector, as Pacific Hunter generates more than $250m in annual revenue and stands as one of the country's largest speciality restaurant owners.
But the company faced financial challenges, with debt that prompted the transfer of control.
Quadrant Private Equity's decision to exit its investment comes after unsuccessful attempts to restructure Pacific Hunter's finances.
Metrics chief executive Frank Tucker said: “Under Metrics’ strong leadership, we will focus on delivering quality venues with excellent customer service and hospitality experience.”
Previous directors Tom Pash, Gareth Woodbridge from Quadrant, and Victor Ha resigned on 3 October 2024, making way for specialists Marcus Derwin, Dan Ratner and Eveline Albarracin.
The private equity firm had acquired and merged several restaurant groups under Pacific Hunter but could not inject additional capital due to fund limitations.
The acquisition history of Pacific Hunter includes notable transactions such as the purchases of Rockpool Group from celebrity chef Neil Perry in 2016 and Urban Purveyor Group for $175m in 2015.
Perry has since departed to run Margaret in Sydney's east, while Quadrant rebranded the business into Pacific Concepts and Hunter Street Hospitality.
Recent years have seen Pacific Hunter struggle, its challenges exacerbated by the pandemic and rising costs. The latest accounts filed in December highlighted auditors' concerns about the company's sustainability. With a reported loss of $75.7m in 2022 and borrowings amounting to $449.2m, the future was uncertain.
Its lending structure included bank loan facilities from Metrics Credit Partners and Shinhan Bank. ANZ was also involved before transferring its loan to Metrics.
