Patties Foods and Vesco Foods to be acquired by PAG

PAG Acquisition

PAG, a leading investment firm focused on the Asia-Pacific region, has announced its agreement to acquire Patties Foods and Vesco Foods, subject to regulatory approvals.

The acquisition of these two leading Australian companies is the latest investment by PAG’s Australian-based private equity team in the food and consumer sector, following its investments in Craveable Brands (Red Rooster, Oporto and Chicken Treat) and The Cordina Group.

Patties, with its origins dating back over five decades, is well known for producing some of Australia and New Zealand’s favourite savoury snacks, appetisers, meals and desserts, including its signature pies, party pies and sausage rolls. Patties’ portfolio of leading brands includes Four’N Twenty, Patties, Herbert Adams, Boscastle, Nanna’s and Leader.

Vesco, a producer of high-quality frozen foods for almost 50 years, has become synonymous with nutritious and affordable meal solutions. Its brands include On the Menu, Super Nature, Lean Cuisine, Annabel Karmel and Jarraballi. Vesco also provides commercial food services under the 7 Star, Clever Cuisine, and Enrico’s brands.

Paul Hitchcock, Patties’ CEO, commented on the acquisition, “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.”

Hitchcock added that the acquisition presented a significant opportunity for them and unlocked further investment into market leading innovation, well-known brands and manufacturing capabilities.

Bernie Pummell, Vesco’s CEO said this was significant step forward for Vesco Foods.

“PAG is well placed to support Vesco and its partners in the future, not only to build on Vesco’s success to date, but also to enable new exciting opportunities through the combination of Patties and Vesco.”

PAG has an extensive track record of supporting growth for its portfolio companies, having previously acquired The Cheesecake Shop – the largest franchised bakery network in Australia and New Zealand – and successfully expanding the business’ network and footprint across its markets.

Sid Khotkar, managing director and head of PAG Private Equity in Australia and New Zealand said, “This transaction enhances the strength of our business in Australia and New Zealand. We are excited about this unique opportunity to take some of Australia and New Zealand’s best-loved brands to the next level.

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.”

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