An Asia-based investment firm has bought out the company responsible for one of the country’s best-known cake brands, with potentially big changes afoot for the Australian staple.
Pacific Alliance Group (PAG) announced on Wednesday that it has now acquired Patties Foods – makers of Four’N Twenty Pies – as well as Vesco Foods, best known for lean cuisine.
The acquisition is the latest venture from the company, which invested in Craveable Brands, owners of Red Rooster, Oporto and Chicken Treat, in 2019.
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Managing director and head of PAG Private Equity in Australia and New Zealand, Sid Khotkar, said the company will take Australia’s most popular brands to “the next level”.
“This transaction reinforces the strength of our business in Australia and New Zealand,” he said.
“Over the last few years PAG has had the privilege of working with several leading local companies and we look forward to using this expertise to support Patties and Vesco and help them bring the highest quality products to consumers across Australia, New Zealand and Furthermore.”
Patties chief executive officer Paul Hitchcock said PAG’s purchase of the company was “a clear sign that the company believes in our business, our people and our long-term growth strategy.”
“The acquisition represents a significant opportunity for Patties Foods as it unlocks further investment in market-leading innovation, well-known brands and manufacturing capabilities,” he said.
Vesco boss Bernie Pummell acknowledged that the deal is a big step forward for the brand.
“PAG is well positioned to support Vesco and its partners in the future, not only to build on Vesco’s past success, but also to open up exciting new opportunities through the combination of Patties and Vesco,” he said.
Although it is not known how much the deal was worth, the Australian Financial Review said it would be around US$550 million.
https://7news.com.au/lifestyle/food/asia-based-investment-firm-acquires-company-responsible-for-fourn-twenty-pies-c-8258000 Asia-based investment firm acquires company responsible for Four’N Twenty Pies