G+T confirms role in Patties and Vesco sales to PAG

Gilbert + Tobin (G+T) has confirmed its role in the sale of Patties Foods and Vesco Foods to leading investment firm PAG.

The acquisition of these two Australian companies is the latest investment by PAG’s Australian-based private equity team in the food and consumer sector, following its investments in Craveable Brands and The Cordina Group.

Patties is known for producing some of Australia and New Zealand’s most well-known savoury snacks, appetisers, meals and desserts, including its signature pies and sausage rolls. 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.

Meanwhile, Vesco manufactures frozen meal solutions to a range of consumers and occasions, including On the Menu, Super Nature, Lean Cuisine, Annabel Karmel and Jarraballi. It also provides commercial food services under the 7 Star, Clever Cuisine and Enrico’s brands.

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.

“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,” Pathak and Macknay said.

Competition and regulatory partners Simon Muys and Susan Jones are advising on the regulatory aspects of the transaction, with support from lawyer Robert Albertson. Meanwhile, head of banking and infrastructure John Schembri is advising on the financing aspects, with support from Corrie Eames and Sara Mohabbati.

Commenting on the acquisition, head and co-head of private equity at PAG Sid Khotkar and Lincoln Pan said: “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.”

Both acquisitions are still subject to regulatory approval.