United Petroleum acquires Pie Face
United Petroleum has purchased Pie Face for an undisclosed figure.
The company says the decision to purchase the chain was driven by a desire to diversify and grow its business.
Pie Face was established in Australia in 2003 and began rapidly expanding overseas in 2012. By 2014, the company had however entered into voluntary administration.
The chain went into receivership again in November 2016, with eleven of its company-owned stores closed as a result. Only its 26 franchised stores remained open as it was expected the business would soon be sold.
United Petroleum Chief Executive Officer, Gary Brinkworth, said his business had identified tremendous value in the Pie Face brand.
“We took the decision that Pie Face would fit perfectly with our strategy of growing our business and achieving scale by expanding into new categories whilst growing customer numbers and building capability,” he said.
United Petroleum said it will maintain supply for Pie Face, making things “business as usual” for staff employed in the Pie Face commercial kitchen, franchisees and head office.
“This acquisition provides certainty for staff as many local jobs and small business operators have been protected and staff entitlements have been retained. United will benefit from retaining this experience and corporate knowledge,” Brinkworth said.
“United is a financially strong Australian business with a strategy in place to ensure Pie Face has a successful future,” he said.
United Petroleum is an independent petrol retailer which was established in 1993. It has petrol stations in every Australian state and territory.
United Petroleum was expected to float on the Australian Securities Exchange (ASX) by the end of 2016 but a float is yet to eventuate.