| Decision |
Consent approved |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 4 November 2022 |
| Pathway(s) | Significant business assets only |
| Investment | Acquisition of up to 100% of the share capital in Australasian Foods Holdco Pty Limited therefore indirectly acquiring up to 100% interest in Australasian Foods Holdco NZ Limited and its subsidiaries. |
| Consideration | Withheld under s9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant |
PAGAC Piranha Holding (Singapore) Pte Limited |
| Vendor | Shareholders of Australasian Foods Holdco Pty Limited Australia (25%) USA (23.5%) Netherlands (21.5%) Hong Kong (7%) Various (23%) |
| Background |
The Applicant is a wholly owned subsidiary of limited partnership PAG Asia III (PAG III). PAG III is an investment fund and is part of the PAG investment management group. The Applicant is acquiring 100% of the issued share capital in Australasian Foods Holdco Pty Limited and its subsidiaries (together the Patties Group), via a newly incorporated Australian subsidiary Piranha BidCo Pty Limited. Patties Group includes Australasian Foods Holdco NZ Limited and its NZ subsidiaries (Patties NZ). Patties Group operates a frozen foods and ready-made meals business under a range of brands across multiple markets including Australia, New Zealand, the United States and Japan. Patties NZ specialises in crumbed goods, producing frozen convenience and finger food and operates the Leader brand. The Applicant has satisfied the investor test criterion. |
| More information |
Josh Blackmore |