Four'n'Twenty pies will no longer be all Australian
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>Patties Foods boss Paul Hitchcock said PAG's purchase would “unlock further investment and innovation”. <br />Vesco chief Bernie Pummell said the two companies under the one roof at PAG would “enable new exciting opportunities”.</p>
<p>Four'n'Twenty is the latest in a long line of iconic Australian brands to be bought out by overseas conglomerates. <br />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).</p>
<p><em>Image: Shutterstock</em></p>
