THE company which owns two landmark Albury pubs has become largely owned by a US-based private equity firm in a $190 million deal clinched late last week.
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The Dixon Hospitality group swooped on the New Albury Hotel (Beer DeLuxe) and Sodens more than a year ago in a move which left previous owners, Craig Shearer and Jason Sheather, to develop their latest venture, Public House, in the former Groove Saint and Soho night club building on Dean Street.
The majority stake in Dixon Hospitality by US group Kohlberg Kravis Roberts was confirmed last Friday.
KKR Australia spokesman Scott Bookmyer said his company was proud to partner with a leading player in the Australian hospitality industry.
“This exemplifies our focus on partnering with proven entrepreneurs to help create an exciting future for the business,” he said.
“We are excited to work together with Dixon Hospitality's experienced team.”
Dixon Hospitality founder Bruce Dixon said: “We have known and held the KKR team in high regard for a long time.
“Their investment is a strong endorsement of the outlook for our business.
“We're confident this partnership will position the company for long-term success.”
Mr Shearer and Mr Sheather also sold off pubs in Melbourne, Sydney and Wagga as part of the $31 million deal last year.
Another one in Brisbane was under construction.
The two former Albury Tigers footballers have re-entered the hospitality scene recently by launching a business with another group which sold pubs to Dixon Hospitality.
Open Arms Hospitality is an amalgam of their Armada company and Open Door Pub Co with the Public House venue part of the venture.
Public House opened in late May with Jodie Tiernan a part-owner and manager.
Mr Sheather and Mr Shearer previously operated Soho and Groove Saint night clubs from the venue which was originally a shoe shop.
The first nightclub in the 491 Dean Street building was Liquid, which opened in 2001, and then became Roi Bar five years later.
The majority of Dixon Hospitality venues operate as a standalone pub, bar or restaurant.
Meanwhile, the Royal Hotel in Corowa, which has been shut for almost a year, has reportedly been sold to a Melbourne investor who plans to have it re-opened before the end of the year.
