Private equity-owned Patties Foods, the maker of brands such as Nanna’s, Herbert Adams and Four’N Twenty pies, has bought New Zealand company Leader Products, a manufacturer of frozen convenience food products.
Patties Foods, bought by Pacific Equity Partners for $232 million in September, says the two companies are natural partners, both focused on manufacturing high quality frozen foods.
Leader, started by Tony Peterson and Richard Crabb in 1998, exports to Australia and Asia and has doubled revenue in the past five years. The product range includes meatballs, burger patties, toppas, finger foods and meal solutions under the brands Leader, Tony’s Tucka and Kauri Coast.
Peterson will continue as managing director and will maintain a stake in the combined business.
Paul Hitchcock, CEO of Patties, says the combination of Patties and Leader will provide significant growth opportunities for both companies.
“Leader is a great New Zealand success story and we are very keen to support the team in their continued growth,” he says.
“For example, we see immediate opportunities to leverage the Patties sales force in Australia to bring more of Leader’s great product range to Australian customers.”
The cost of the acquisition hasn’t been revealed. The transaction is expected to complete in early 2017 following regulatory approval.