Aussie manufacturers 4’n’Twenty, Patties, Lean Delicacies bought to Hong Kong agency

A secure of iconic Australian meals manufacturers together with 4’n’Twenty pies and Lean Delicacies meals have been bought to the Hong Kong non-public funding agency that already owns quick meals chains Crimson Rooster and Oporto in a $500 million-plus deal.

Pacific Alliance Group (PAG), one of many largest non-public fairness funds in Asia has acquired Patties Meals (which makes 4’n’Twenty, Nanna’s, Herbert Adams, Cooks Satisfaction, Boscastle, Chief, and Snowy River manufacturers) and Vesco Meals (which owns Lean Delicacies and different manufacturers). The phrases of the deal weren’t disclosed however a supply acquainted with the settlement stated the value exceeded $500 million.

4’n’Twenty Pies will not be Australian after being purchased out by a Hong Kong non-public fairness agency.

Patties Meals’ chief Paul Hitchcock stated PAG’s acquisition was a “clear signal” that it believes in Patties’ enterprise and development technique.

“It’s recognition of our fame as a extremely revered meals producer in Australia and New Zealand with an extended checklist of liked meals manufacturers. The acquisition presents a big alternative,” Hitchcock stated in a press release.

The acquisition will unlock additional funding and innovation, he stated.

Vesco boss Bernie Pummell stated being acquired by PAG would construct on Vesco’s success in addition to “allow new thrilling alternatives by the mixture of Patties and Vesco”, Pummell stated.

PAG head of personal fairness and managing director of Australia and New Zealand Sid Khotkar stated the acquisition would propel the manufacturers to the “subsequent degree”.

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“Over the previous few years, PAG has had the privilege of working with a number of main Australian corporations, and we’re wanting ahead to placing that experience to work in help of Patties and Vesco, and serving to them present the best high quality merchandise to customers throughout Australia, New Zealand and past,” stated Khotkar.

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