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Report: PAG in talks to acquire Australian pizza chain Crust Gourmet

PAG Asia Capital is one of the front-runners to purchase Australian pizza chain Crust Gourmet Pizzas, The Australian Financial Review's Street Talk blog reported, citing unnamed sources.

The Asia-focused private equity firm reportedly beat Pizza Hut Australia owner Allegro Funds in the sale process managed by KPMG.

Crust, acquired by Australia-based food and beverage company Retail Food Group Ltd. in October 2012, is projected to be valued at about A$100 million, according to the blog post. Crust was put on the block following bank pressures on Retail Food to divest some of its assets and cut its debt.

PAG had been aiming to expand its Australian portfolio in recent years, lending sources told the publication.