Patties Foods’ owner Pacific Equity Partners is in talks to sell the frozen pie manufacturer off in the next two weeks, according to a report in The Australian.
While details are currently scant, the newspapers’ report notes the deal could reach $700 million and is now a key focus for PEP following the $1.17 billion sale of its LifeHealthcare business.
Last month, the AFR reported PEP was in ‘early-stage talks’ with ‘a bunch of offshore parties’ interested in buying up Patties, either to use as a springboard into the Australian market or to add to a stable of brands.
Patties Foods’ core brand is Four ‘N Twenty pies, and it also owns the Herbert Adams, Nanna’s and Chef’s Pride brands, along with the prepared meals brand Ruffie Rustic Foods, which it relaunched in June entirely meat-free.
PEP bought Patties around five years ago in a $232 million deal, signalling a healthy return on investment for the business, which owns around 75 per cent of Patties’ securities.
