ICONIC AUSSIE COMPANY IN ACQUISITION BID

Just over a year after Patties Foods had recalled several of its frozen berry products following a hepatitis A outbreak, the Australian company received a conditional and incomplete proposal from Pacific Equity Partners for its acquisition, along with its portfolio of iconic food brands such as Nanna’s, Four ‘N’ Twenty Pies, Chefs Pride and Snowy River. PEP is currently offering $230 million for 100 percent of the company’s share. Even though at this stage no formal offer may emerge, Patties Foods’ board ‘remains confident in management’s plans for growth in the core brands,’ as chairman Mark Smith put it.
Patties Foods sold its frozen berries business to Entyce Food Ingredients in December last year.