Four'n'Twenty pies will no longer be all Australian
The iconic Aussie brand that owns Four’N Twenty pies has been snapped up by an overseas company in a deal rumoured to be worth a whopping $500million.
One of the largest private equity firms based in Asia, Pacific Alliance Group has bought Patties Foods, which includes brands like Nanna’s, Chef’s Pride, Herbert Admans and Four’n’Twenty.
While the exact amount of the deal is yet to be confirmed, it is reported to be in excess of $500 million and will allow PAG to expand its Australian offerings after buying Red Rooster, Oporto and Western Australia based Chicken Treat back in 2019.
Patties Foods boss Paul Hitchcock said PAG's purchase would “unlock further investment and innovation”.
Vesco chief Bernie Pummell said the two companies under the one roof at PAG would “enable new exciting opportunities”.
Four'n'Twenty is the latest in a long line of iconic Australian brands to be bought out by overseas conglomerates.
The PAG acquisition of Patties and Vesco is subject to regulatory approval from Australia's Foreign Investment Review Board (FIRB), its NZ counterpart, and the Australian Competition and Consumer Commission (ACCC).
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