Wednesday 21 September 2022 03:17 AM Iconic Australian brands foreign-owned FourN'Twenty pies Herbert Adams while ... trends now
Several of Australia's most beloved brands, including FourN'Twenty, Nanna's and Herbert Adams, have quietly become foreign-owned, while one favourite has stayed true blue.
Patties Foods, the largest meat pie-producing company in Australia, which is headquartered in Victoria's Bairnsdale, also owns Chefs Pride, Snowy River and Boscastle, recently was bought by a major Asian conglomerate.
One of the largest private equity firms in Hong Kong, Pacific Alliance Group (PAG), bought Patties, taking some of the country's mainstay labels with it.
Australian Made Products, a popular Facebook group with more than 160,000 followers, shared a graphic revealing the popular FourN'Twenty was no longer Aussie-owned, prompting people to describe the decision as a 'disgrace'.
'I won't be buying FourN'Twenty ever again,' a woman commented.
Several of Australia's most beloved brands including FourN'Twenty have quietly become foreign-owned after a major Asian firm bought its manufacturer
The exact amount of the deal to acquire Patties was not disclosed but is reportedly in excess of $500million and will allow PAG to expand their Australian offering after buying Red Rooster, Oporto, and the WA-based Chicken Treat for a similar amount in 2019.
Patties Foods boss Paul Hitchcock said PAG's purchase would 'unlock further investment and innovation'.
'It is recognition of our reputation as a highly respected food manufacturer in Australia and New Zealand with a long list of loved food brands,' he said.
Aussies are less convinced, with some suggesting its headline brand has changed its iconic recipe.
