Australia Government Fund Strikes Debt-investment Deal With Patties Food Group

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The Australian authorities is offering indebtedness financing to Patties Foods Group to thief nan pastry awesome “modernise” production.

According to a connection by nan National Reconstruction Fund Corporation (NRFC) Patties will person A$36m ($23.1m) to adhd “advanced” manufacturing capabilities.

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A spokesperson for Four’N Twenty marque proprietor Patties said nan institution is putting nan finance to activity astatine factories successful nan Melbourne suburb of Pakenham and successful Bairnsdale, a municipality further eastbound successful Victoria.

“Patties Food Group are investing to upgrade some nan Pakenham and Bairnsdale manufacturing sites,” nan spokesperson said. “Four’N Twenty has acquisition awesome maturation complete nan past decade. This adjacent maturation shape will let nan institution to support up pinch nan expanding user demand.”

David Gall, nan CEO of NRFC, said: “Part of nan NRFC’s instruction is to support manufacturing and jobs but besides to springiness information to location development, erstwhile making investments.

The NRFC is Australia’s A$15bn finance conveyance targeting areas including low-emissions technologies; “value-add” successful agriculture, defence and transport.

Gall added: “This transaction presents an opportunity for nan NRFC to supply maturation finance to assistance 1 of Australia’s starring nutrient manufacturers.

“Patties has an established marketplace position, best-in-class manufacturing capability, and nationwide proviso chain, arsenic good arsenic decades-long relationships pinch awesome Australian supermarket chains.”

Patties produces nutrient pies, statement pies and fresh meals nether brands including Herbert Adams, Lean Cuisine, Leggo’s, and Home Chef.

The institution operates 8 manufacturing sites successful Australia and New Zealand.

Patties was acquired by PAG Private Equity, a Hong Kong investor, successful 2022.

In February, Patties acquired National Pies – besides known arsenic Tasmanian Bakeries – a institution that has been producing savoury baked equipment since 1942.