An $800 million deal to sell the owner of the Oporto, Red Rooster and Chargrill Charlie’s brands has collapsed after Affinity Equity Partners, a major Asian private equity firm, walked away following due diligence.

Those franchises and the rights to West Australian chain Chicken Treat are owned by PAG Asia Capital, another buyout firm. In October, The Australian Financial Review’s Street Talk column revealed PAG had agreed to exclusive negotiations with Affinity to sell the business, known as Craveable Brands.