Australian baked goods group Patties Foods has acquired New Zealand frozen convenience food producer Leader Products for an undisclosed sum.
Patties, which was acquired by Pacific Equity Partners earlier this year, said the acquisition of Leader Products is expected to be completed in early 2017 subject to regulatory approval.
Leader Products was established by Tony Peterson and Richard Crabb in 1998. Peterson will remain managing director and maintain a stake in the combined business.
Patties CEO Paul Hitchcock said the companies were “natural partners – both focused on manufacturing high-quality frozen foods known and loved by customers”.
Hitchcock said: “We believe the combination of Patties and Leader will provide significant growth opportunities for both companies given our complementary savoury meals and snack products, manufacturing operations and sales footprints. This deal will create a market-leading food business across Australia and New Zealand.”
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Leader Products’ range includes meatballs, burger patties, toppas , finger foods and meal solutions under the brands Leader, Tony’s Tucka and Kauri Coast. The company supplies grocery retailers, distributors, sporting stadiums, convenience stores, cafes, hotels, restaurants and caterers in New Zealand, Australia and Asia.
Brands in the Patties portfolio include Four’n Twenty, Patties, Herbert Adams, Nanna’s and Chef’s Pride.