Market-bound pie maker Patties buys Boscastle
AMID reports of a sale looming for giant Patties Foods the acquisitions continue for the pie maker with the purchase of Victorian company Boscastle, adding a gourmet range to a line-up led by Four’N-Twenty.
Patties also makes Herbert Adams and Nannas, accounting for about 50 per cent of all pies sold in the nation’s supermarkets.
Its private equity owners Pacific Equity Partners (PEP) in 2016 bought the company for $230 million and delisted it from the ASX before starting an acquisition phase, acquiring also South Australian meal solutions business Australian Wholefoods and New Zealand group Leader Food.
Boscastle was sold for an undisclosed sum.
Patties chief executive Paul Hitchcock said consumers are willing to pay more for a premium, high quality, hand-crafted pie, and mainstay Four’N Twenty would have been challenged entering that space.
About 80 per cent of Boscastle’s sales are in Victoria so there’s a job ahead building profile interstate.
Asked by The Sydney Morning Herald when PEP might look to exit its Patties ownership, Mr Hitchcock said it was likely seen as a three to five-year turnaround and pointed out that PEP had invested in a significant amount of money in the business in the past 12 months.
“Definitely an IPO is an option but I’m sure a trade sale is an option as well, when the time is right we will start looking at what those options are,” Mr Hitchcock said.
Patties Foods, is an Australian food manufacturing company that produces meat pies, baked goods, frozen fruits, and pre-made desserts. Patties Foods is represented in the Australian market by the Four’N Twenty, Patties, Herbert Adams, Creative Gourmet, Nanna’s, Chefs Pride and Snowy River brands.
Patties is the largest meat pie producing company in Australia, and the world. They are the producers of several well-known meat pies, including the Patties, Snowy River pie, Herbert Adams pie, Four’N Twenty pies and now Boscastle. Patties Foods is headquartered in Bairnsdale, Victoria.
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