Renowned Australian company Patties Foods Limited has acquired NZ-based frozen convenience food manufacturer Leader Products.
Established in 1998 by Tony Peterson and Richard Crabb, Leader has been growing steadily ever since, doubling its revenues in the past five years.
Catering to both grocery retailers and foodservice, the company leads the frozen food market in innovation and NPD, with a product range that includes meatballs, toppas, finger foods and burger patties, sold under the brands Leader, Kauri Coast and Tony’s Tucka.
Peterson, who will maintain his role as managing director, emphasised that Patties is set to be a great long-term partner, with capital to invest in Leader’s local manufacturing capacity as well as its continued expansion into Australasia.
“Like Leader, Patties is a family-founded local business with a culture of innovation and operational excellence. I am excited about the opportunities for us to continue to grow and invest in Leader’s products, people and key customer relationships together,” Peterson said.
Patties’ CEO Paul Hitchcock said the two companies were natural partners, and both will benefit from this transaction in terms of performance.
“This deal will create a market-leading food business across Australia and New Zealand,” said Hitchcock. “We see immediate opportunities to leverage the Patties sales force in Australia to bring more of Leader’s great products to Australian customers.”
The transaction is expected to complete in early 2017.