Gilbert + Tobin is advising PAG on its proposed acquisition of the Four’N Twenty pies maker, Patties Foods (Patties) and Vesco Foods (Vesco). The acquisitions are subject to regulatory approvals.

Patties has operated in Australia for over 50 years and produces frozen savoury snacks, appetisers, meals and desserts, including its famous pies and sausage rolls for the Australian and New Zealand market.  It is represented in the Australian market by the Four'N Twenty, Patties, Herbert Adams, Boscastle, Nanna’s, Leggo’s, Ruffie Rustic Foods, Weight Watchers and Fitness Outcomes brands.

Vesco has been producing frozen ready-made meal solutions for almost 50 years. Vesco has partnerships with international brands as well as retail private-label and export clients, including On the Menu, Super Nature, Lean Cuisine, Annabel Karmel and Jarraballi. Vesco also provides commercial food services under the 7 Star, Clever Cuisine, and Enrico’s brands.

PAG, a leading independent alternative investment firm focused on the Asia-Pacific region and a notable player in the Australian food industry, brings a wealth of experience to the well-known brands. This is another significant Australian deal for PAG and presents opportunities of increased capital investment and expansion of its organisation following its investment in Craveable Brands and The Cordina Group.

The G+T team was led by co-head of M&A Neil Pathak alongside M&A partner Susannah Macknay, with support from James O’Sullivan, Amanda Atkins, Jackson Coull, Jordan Czelen and Callum Steele.

Competition and Regulatory partners Simon Muys and Susan Jones are advising on the regulatory aspects of the transaction, with support from lawyer Robert Albertson Kill.

Head of Banking and Projects John Schembri is advising on the financing aspects, with support from Corrie Eames and Sara Mohabbati.

Neil Pathak and Susannah Macknay commented: “We are delighted to be advising PAG on these deals, and it’s a privilege for G+T to be part of PAG’s continuing investment in Australia”.

Sid Khotkar, Head of PAG Private Equity in Australia and New Zealand, and Lincoln Pan, Co-Head of PAG Private Equity, commented: “We value our continued partnership with Neil, Susannah and the G+T team and value their strategic advice and outstanding execution support. G+T has been instrumental in helping our efforts to build our private equity business in Australia.” 

G+T’s market leading M+A/Corporate Advisory team has advised on many of Australia’s largest and most innovative transactions, including advising Afterpay on its $39 billion acquisition by Block, Inc (formerly Square, Inc), the largest public M+A deal in Australia’s history and the largest cross border fintech deal globally, UniSuper on its involvement in the $24 billion takeover of Sydney Airports, PowAR consortium (QIC, Future Fund, AGL) on its $3 billion acquisition of Tilt Renewables by scheme of arrangement, and Macquarie Infrastructure and Real Assets and its managed funds on the $3.5 billion acquisition of Vocus Group Limited by scheme of arrangement. G+T was named ‘Law Firm of the Year’ for M&A and Corporate Law in the 2023 edition of Best Lawyers and is ranked Band 1 by Chambers Asia-Pacific 2022 in Corporate/M&A, Private Equity, Acquisition Finance and ECM, one of only two Australian law firms to be so ranked.

Media Contact