PAG, a leading investment firm focused on the Asia-Pacific region, has entered into agreements to acquire the world’s biggest pie bakery and huge East Gippsland employer, Patties Foods, subject to regulatory approvals.
Terms of the deals were not disclosed.
“PAG’s acquisition of Patties Foods is a clear sign that it believes in our business, people and long-term growth strategy,” Patties’ chief executive officer, Paul Hitchcock, said.
“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.”
IMAGE: Patties Foods has been acquired by PAG Private Equity in a deal that Patties chief executive officer, Paul Hitchcock, says shows trust
in the business’s long-term growth strategy.
