Australian meat pie maker secures finance for its growth plans

The National Reconstruction Fund Corporation (NRFC) is backing regional jobs, advanced manufacturing and a new growth phase for an iconic Australian company by making a $36 million debt investment in Australian meat pie manufacturer Patties Food Group (Patties).

Representing the second debt deal for NRFC, the investment with Patties will be used to help the pie maker modernise production facilities and ensure its Four’N Twenty Pies continue to have a strong future in Australia.

Patties is an Australian manufacturer of meat pies and party pies, and also produces packaged foods across categories such as hot savoury, frozen savoury, frozen snacking and frozen meals. The company produces food brands including Lean Cuisine, Leggo’s and Home Chef, as well as Four’N Twenty, Herbert Adams and National Pies.

“This transaction presents an opportunity for the NRFC to provide growth finance to assist one of Australia’s leading food manufacturers,” NRFC CEO David Gall said.

“Patties has an established market position, best-in-class manufacturing capability and nationwide supply chain, as well as decades-long relationships with major Australian supermarket chains.”

Patties has eight manufacturing sites across Australia and New Zealand, with the largest being its facility in Bairnsdale, Victoria — claimed to be the world’s largest pie-making factory.

“Part of the NRFC’s mandate is to support manufacturing and jobs but also to give consideration to regional development, when making investments,” Gall said.

“Patties is an East Gippsland icon and is the second largest employer in the region, providing work and income to more than 400 employees and contractors. The Four’N Twenty pies made here have been feeding Australians for generations and we look forward to that being the case for generations to come.”

NRFC is Australia’s sovereign investor in manufacturing capability, with $15 billion to invest across seven priority areas: renewables and low-emissions technologies; enabling capabilities; defence capability; transport; value-add in resources; value-add in agriculture, forestry and fisheries; and medical science. To find out more, visit nrf.gov.au.

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