Global food and beverage group Retail Food Group (RFG) has announced its acquisition of Queensland piemaker Beefy’s Pies for $10 million.
RFG CEO Matt Marshall says there were a range of factors that attracted RFG to Beefy’s, including its loyal customer base, a passionate and capable team, a unique brand proposition, and a commitment to delivering exceptional product quality and guest experiences.
“RFG is pleased to be in a position where it can look for inorganic growth opportunities. The acquisition of Beefy’s is significant not only because it is a great business that is complementary to our existing brand portfolio but because it marks the beginning of RFG’s next phase of growth,” he says.
“We look forward to working with the Hobbs family and all Beefy’s employees to ensure their pies can be enjoyed by more and more Australians.”
Beefy’s founder and CEO Mark Hobbs says joining the RFG network will help Beefy’s take the next step in its growth journey.
“We’re proud of what we have achieved as a family-owned business since opening our first store in 1997,” he says.
“Beefy’s is now a much-loved Australian brand, has nine strongly performing stores across Queensland and a manufacturing facility on the Sunshine Coast, employing 180 people.”
Mr Hobbs will continue in an advisory role during the first year to maintain standards and provide support.
There will be no immediate changes to the Beefy’s team, business operations or supply partnerships, with it expected to be “business as usual” from day one.
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