Some of Australia’s most iconic brands have come under foreign ownership after an Asian investment giant snapped up two local companies.
PAG announced yesterday it had entered into agreements to buy Patties Foods and Vesco Foods, subject to regulatory approvals.
Terms of the deal have not been disclosed.
Under the Patties umbrella are leading brands including Four ‘N Twenty, Nannas, and Patties.
The company has been marketing pies, sausage rolls, desserts and other frozen snacks for the past 50 years.
The purchase of Vesco, meanwhile, grants PAG access to frozen meal lines like Lean Cuisine and Super Nature.
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But don’t worry – the change doesn’t mean your favourites will disappear from shelves and fridges.
“This transaction enhances the strength of our business in Australia and New Zealand,” PAG Australia and New Zealand managing director Sid Khotkar said.
“We are excited about this unique opportunity to take some of Australia and New Zealand’s best-loved brands to the next level.”
