Convenience & Impulse Retailing
Investment firm PAG has announced it has entered into agreements to acquire both Patties Foods and Vesco Foods in an undisclosed deal.
The acquisition of the two Australian companies is the latest investment from PAG’s Australian-based private equity team in the food and consumer sector, following its investments in Craveable Brands and The Cordina Group.
Sid Khotkar, Managing Director and Head of PAG Private Equity in Australia and New Zealand, said the transaction enhances the strength of its 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 local 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.”
Patties started as a small family business in a seaside cake shop at Lakes Entrance with a staff of four, before growing into one of Australia’s most recognisable food manufacturing companies. It now boasts a portfolio that includes leading brands such as Four’N Twenty, Patties, Herbert Adams, Boscastle, Nanna’s, and Leader, with products sold in Australia, New Zealand, Japan,
Singapore, Hong Kong, Taiwan, and the United States.
Paul Hitchcock, CEO of Patties, said PAG’s acquisition of Patties Foods is a clear sign that it believes in the 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. We also very much look forward to working with the Vesco team post completion to best serve our customers.”
PAG has a history of supporting growth for its portfolio companies, having previously acquired the largest franchised bakery network in Australia and New Zealand – The Cheesecake Shop – and successfully expanding the business’ network and footprint across its markets.
Vesco Foods creates some of Australia’s best known ready-made meals such as Lean Cuisine, Super Nature, On the Menu, Annabel Karmel, and 7 Star, with products sold in in Australia, Japan, South Korea, and Singapore.
Bernie Pummell, CEO of Vesco, said that this is an exciting development and a significant step forward for Vesco Foods.
“We are a focused ready-meals manufacturer, with leading brands and a strong track-record of growth and innovation in the category. 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 exciting new opportunities through the combination of Patties and Vesco.”
To stay up to date on the latest industry headlines, sign up to the C&I e-newsletter.
Your email address will not be published.






source

Shop Sephari