#information Four’n’Twenty pies and Lean Cuisine are now owned by Hong Kong company and no longer Australian #WorldNews
Four’N Twenty pies are no longer Australian: Iconic Aussie manufacturers together with tradie favorite and Lean Cuisine are snapped up by Hong Kong company for $500million
- Australian firms Vesco Foods and Patties Foods had been bought for $500million
- Patties makes Four’n’Twenty pies whereas Vesco makes Lean Cuisine meals
- They had been bought to Hong Kong funding agency Pacific Alliance Group
- The manufacturers be a part of an extended listing of iconic Aussie product now owned by overseas corporations
Various iconic Australian manufacturers have been snapped up by an abroad company, together with footy favorite Four’n’Twenty pies, in a deal value $500million.
One of the biggest personal fairness corporations in Asia, Hong Kong based mostly Pacific Alliance Group (PAG), has purchased Patties Foods which owns manufacturers together with Four’n’Twenty, Nanna’s, Chef’s Pride and Herbert Adams.
The agency additionally snapped up Vesco Foods which owns manufacturers together with Lean Cuisine and Super Nature.
The precise quantity of the deal was not disclosed however is reportedly in extra of $500million and will enable PAG to increase their Australian providing after shopping for Red Rooster, Oporto and the WA-based Chicken Treat for the same quantity in 2019.
Patties Foods boss Paul Hitchcock mentioned PAG’s buy would ‘unlock additional funding and innovation’.
‘It is recognition of our popularity as a extremely revered meals producer in Australia and New Zealand with an extended listing of beloved meals manufacturers,’ he mentioned.
The Aussie meat pie simply received rather less Aussie as iconic model Four’n’Twenty is snapped up by a Hong Kong based mostly funding company
Vesco chief Bernie Pummell mentioned the 2 firms below the one roof at PAG would ‘allow new thrilling alternatives’.
PAG head of personal fairness and managing director of Australia and New Zealand, Sid Khotkar, mentioned the acquisition would ‘improve the power of our enterprise in Australia and NZ’.
Four’n’Twenty is the most recent in an extended line of iconic Australian manufacturers to be purchased out by abroad conglomerates.
Tim Tam maker Arnott’s was purchased by the US owned Campbells Soup Company within the Nineteen Nineties and on-sold to US funding fund KKR.
The model grew to become synonymous with the VFL and then AFL after being based in Bendigo, Victoria 75 years in the past
Breakfast desk favorite Uncle Tobys is owned by Swiss-based Nestle, Fosters beer is owned by Japanese large Asahi, and Tooheys is owned by its countrymate and rival Kirin.
Even nation clothes maker RM Williams, about as Australian as there’s, was bought to Louis Vuitton proprietor LVMH based mostly in France in 2013.
The PAG acquisition of Patties and Vesco is topic to regulatory approval from Australia’s Foreign Investment Review Board (FIRB), its NZ counterpart, and the Australian Competition and Consumer Commission (ACCC).