Pacific Equity Partners-backed company Patties Foods has bought gourmet pie brand Boscastle to complement its Four'n'Twenty offering.
The move is said to be instrumental in boosting the brand in the premium segment, with consumers now believed to be paying more for higher quality pies.
Patties, which was was bought by Pacific Equity Partners for $230 million in 2016 and delisted from the ASX, holds about 50 per cent market share for pies sold in supermarkets, according to The Sydney Morning Herald.
Patties' other brands include Herbert Adams and Nannas.
Chief executive Paul Hitchcock told The Herald there were plans to “double or quadruple” its pie sales in the next two years, and Boscastle was a strong brand in its home state of Victoria.
Patties has plans to build its profile interstate, leveraging Patties' sales force.
Close to 50 per cent of the company's pies are sold in supermarkets, Hitchcock said.
