Sydney, September 15, 2022 – PAG, a leading investment firm focused on the Asia-Pacific region, announced today that it has entered into agreements to acquire Patties Foods (“Patties”) and Vesco Foods (“Vesco”), subject to regulatory approvals. Terms of the deals were not disclosed.

Patties, with its origins dating back over 50 years, 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 cater to a diverse range of consumers and occasions and 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.

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 (a leading value-added chicken processor). PAG has also invested in Rex (Regional Express Airlines) and Unispace (office design and fit-out). 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.”

Paul Hitchcock, Patties’ Chief Executive Officer, commented: 

“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. We also very much look forward to working with the Vesco team post-completion to best serve our customers.”

Bernie Pummell, Vesco’s Chief Executive Officer, remarked: 

“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 new exciting opportunities through the combination of Patties and Vesco.” 

About Patties

For over 50 years, Patties has created irresistible comfort food that celebrates Australia’s exceptional ingredients and high-quality standards. 

From the humble beginnings of a small family business in a seaside cake shop at Lakes Entrance with a staff of four, Patties is now one of Australia’s leading and most recognisable food manufacturing companies; responsible for some of Australia’s most well-known brands, including Four’N Twenty, Herbert Adams, Boscastle and Nanna’s, and Leader. Today, Patties’ vision is “To have famous brands, which consumers love and trust, locally and globally.” Patties do that by being the creators of irresistible comfort foods.

Over the years, Patties has gone from being an Australian household name to a business with an expanding global footprint, with products sold in Australia, New Zealand, Japan, Singapore, Hong Kong, Taiwan, and the United States. 

About Vesco

Since opening in 1974, when known as Kailis and France Foods and then re-named Vesco Foods in 2009, Vesco has evolved into one of Australia’s leading, most innovative, and respected ready meal manufacturers.

The Vesco Foods experienced, and talented team creates a wide range of great tasting and healthy meals with high-quality ingredients under some of Australia’s best known and favourite ready meal brands such as Lean Cuisine, Super Nature, On the Menu, Annabel Karmel, and 7 Star.

Built on a reputation for quality and innovation, not only is Vesco recognised as a leading meal provider in Australia, but it is also well established internationally with products sold in Japan, South Korea, and Singapore.

About PAG

PAG is a leading investment firm focused on the Asia Pacific region with three core strategies: Credit & Markets, Private Equity, and Real Assets. PAG manages capital on behalf of nearly 300 institutional fund investors, including some of the most sophisticated global asset allocators. As of 30 June 2022, PAG had nearly 300 investment professionals in 12 key offices globally, and approximately USD50 billion in assets under management.

In Australia, PAG has led several private equity investments in recent years, including The Cheesecake Shop, The Cordina Group, Craveable Brands (Red Rooster, Oporto, and Chicken Treat), Unispace, and Rex (Regional Express Airlines), and has established offices in Melbourne and Sydney.

For more information, please visit www.pag.com.