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, which was bought by Pacific Equity Partners for $232 million in September, says the two companies are natural partners as they are both focused on producing high quality frozen foods. Leader Products was started by Tony Peterson and Richard Crabb in 1998. The company now 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.
The cost of the acquisition hasn’t been revealed. The transaction is expected to complete in early 2017 following regulatory approval.
This article was first published at http://www.fmcgbusiness.co.nz/2016/12/05/patties-foods-buys-leader-products/