Global food and beverage group Retail Food Group (RFG) has entered into a conditional SPA to acquire Queensland pie maker Beefy’s Pies for $10 million.
RFG CEO Matt Marshall said there were a range of factors that attracted RFG to Beefy’s including its loyal customer base, capable team, and unique brand proposition.
“RFG is pleased to be in a position where it can look for inorganic growth opportunities.
“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.
“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,” said Marshall.
Beefy’s founder and CEO Mark Hobbs said the brand was proud of what it had achieved as a family-owned business since opening its first store in 1997.
“Beefy’s is a much-loved Australian brand, with nine stores across Queensland and a manufacturing facility on the Sunshine Coast, employing 180 people.
“Joining the RFG network will help Beefy’s take the next step in its growth journey as we will become part of a team with many decades of retail experience, as well as benefit from being in a group with a larger balance sheet and access to support functions,” said Hobbs.
Key members of both the Beefy's and RFG teams have been working collaboratively to ensure a seamless transition.
Beefy’s CEO Mark 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. All existing supply partner arrangements will remain unchanged, with no impact on franchise partner operations across RFG’s existing brands.