Iconic brands Four'n Twenty, Patties and Lean Cuisine are no longer 'Australian-owned', according to reports
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The company behind one of Australia's most well-known pie brands (and a favourite lunch choice of tradies) has been acquired by a foreign investment firm, signalling potential significant changes for the Aussie staple in the near future.
Pacific Alliance Group (PAG), one of the largest private investment firms in Asia, has purchased both Patties Food (maker of Four'n Twenty, Patties, and Nanna's) and Vesco Foods (carrier of Lean Cuisine and On The Menu).
In a press release dated September 15, PAG revealed that it has entered into agreements to acquire both businesses, subject to receiving the necessary regulatory permits. While the terms of the purchase were not made public, the Australian Financial Review estimated the total to be $550 million.
In addition to PAG's previous purchases of Craveable Brands (the parent company of Red Rooster and Oporto) and The Cheesecake Shop, this one further solidifies the company's position as a dominant player in Australia's fast-growing food industry.
Aside from its main office in Hong Kong, reports have claimed that PAG also has locations in both Sydney and Melbourne.
Both Patties, which makes pies for Four'n Twenty, and Vesco, which owns Lean Cuisine, have been sold to a foreign investment firm. Credit: news.com.au.
In response to the recent announcement, Paul Hitchcock, Patties' Chief Executive Officer, said: 'PAG's acquisition of Patties Foods is a clear sign that it believes in our business, people and long-term growth strategy.'
'It is recognition of our reputation as a highly respected food manufacturer in Australia and New Zealand with a long list of loved food brands. The acquisition presents a significant opportunity for Patties Foods, unlocking further investment into market-leading innovation, well-known brands and manufacturing capabilities.’
Mr Hitchcock further mentioned that after the project is finished, they look forward to collaborating with the Vesco team to provide the finest service possible to their customers.
Pacific Equity Partners (PEP) acquired Patties Foods in 2016, and by the end of 2021, rumours began to circulate that the company was going to be sold.
The Chief Executive Officer of Vesco, Bernie Pummell, referred to it as an exciting step for the company. He stated that Vesco has already developed a successful foundation, and PAG is in an excellent position to support and build upon that progress.
What does this mean for our beloved Four'n Twenty pies?
Don't worry, folks; the transition won't cause your go-to frozen dinners, pies, and snacks to vanish from supermarket shelves and refrigerators.
Sid Khotkar, Managing Director of PAG Australia and New Zealand, has expressed confidence that the upcoming change will only serve to improve the already solid operations of the company in those two countries.
'We are excited about this unique opportunity to take some of Australia and New Zealand's best-loved brands to the next level,' Mr Khotkar said.
'Over the past few years, PAG has had the privilege of working with several leading Australian companies, and we are looking forward to putting that expertise to work in support of Patties and Vesco, and helping them provide the highest quality products to consumers across Australia, New Zealand and beyond.'
To sum up, members, it's safe to assume that no major changes will be made to the taste or availability of these products anytime soon. And who knows, we may even see an improvement in both quality and affordability!
So, what are your thoughts? Are you excited about this new development, or do you wish it could have stayed Australian-owned?? Tell us your thoughts below in the comments!
Pacific Alliance Group (PAG), one of the largest private investment firms in Asia, has purchased both Patties Food (maker of Four'n Twenty, Patties, and Nanna's) and Vesco Foods (carrier of Lean Cuisine and On The Menu).
In a press release dated September 15, PAG revealed that it has entered into agreements to acquire both businesses, subject to receiving the necessary regulatory permits. While the terms of the purchase were not made public, the Australian Financial Review estimated the total to be $550 million.
In addition to PAG's previous purchases of Craveable Brands (the parent company of Red Rooster and Oporto) and The Cheesecake Shop, this one further solidifies the company's position as a dominant player in Australia's fast-growing food industry.
Aside from its main office in Hong Kong, reports have claimed that PAG also has locations in both Sydney and Melbourne.
Both Patties, which makes pies for Four'n Twenty, and Vesco, which owns Lean Cuisine, have been sold to a foreign investment firm. Credit: news.com.au.
In response to the recent announcement, Paul Hitchcock, Patties' Chief Executive Officer, said: 'PAG's acquisition of Patties Foods is a clear sign that it believes in our business, people and long-term growth strategy.'
'It is recognition of our reputation as a highly respected food manufacturer in Australia and New Zealand with a long list of loved food brands. The acquisition presents a significant opportunity for Patties Foods, unlocking further investment into market-leading innovation, well-known brands and manufacturing capabilities.’
Mr Hitchcock further mentioned that after the project is finished, they look forward to collaborating with the Vesco team to provide the finest service possible to their customers.
Pacific Equity Partners (PEP) acquired Patties Foods in 2016, and by the end of 2021, rumours began to circulate that the company was going to be sold.
The Chief Executive Officer of Vesco, Bernie Pummell, referred to it as an exciting step for the company. He stated that Vesco has already developed a successful foundation, and PAG is in an excellent position to support and build upon that progress.
What does this mean for our beloved Four'n Twenty pies?
Don't worry, folks; the transition won't cause your go-to frozen dinners, pies, and snacks to vanish from supermarket shelves and refrigerators.
Sid Khotkar, Managing Director of PAG Australia and New Zealand, has expressed confidence that the upcoming change will only serve to improve the already solid operations of the company in those two countries.
'We are excited about this unique opportunity to take some of Australia and New Zealand's best-loved brands to the next level,' Mr Khotkar said.
'Over the past few years, PAG has had the privilege of working with several leading Australian companies, and we are looking forward to putting that expertise to work in support of Patties and Vesco, and helping them provide the highest quality products to consumers across Australia, New Zealand and beyond.'
To sum up, members, it's safe to assume that no major changes will be made to the taste or availability of these products anytime soon. And who knows, we may even see an improvement in both quality and affordability!
So, what are your thoughts? Are you excited about this new development, or do you wish it could have stayed Australian-owned?? Tell us your thoughts below in the comments!
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