Overseas investment decision for case 201620079 - Australasian Foods Holdco Pty Limited

An overseas investment in significant business assets, being:

• the Applicant’s acquisition of rights or interests in 100% of the issued share capital of Food Partners Limited; and
• for Pacific Equity Partners Fund V L.P, Pacific Equity Partners V-A L.P, Pacific Equity Partners Fund V-B L.P, Pacific Equity Partners V-C L.P, Pacific Equity Partners Fund V Co-Investment Trust, Pacific Equity Partners Fund V (Australasia), PEP Investment Pty Limited (ACN 083026984), the holders of Class B shares in the Applicant, the holders of Class D shares in the Applicant and management employees of any of the Applicant’s group of companies to acquire up to 100% of the shares in the Applicant.

Food Partners Limited
New Zealand Public (100%)

The Vendor is a New Zealand-based manufacturer of frozen convenience foods. The company’s range of products includes: meatballs, burger patties, toppas, finger foods and meal solutions under the brands "Leader", "Tony’s Tucka" and "Kauri Coast". The company is the major supplier to Subway Australasia, Asia for ready to eat protein products.

The Applicant is part of the Patties Group based in Australia.  Patties are a large provider of frozen savoury and frozen dessert pies, with key products including meat pies, sausage rolls and fruit pies.

Food Partners Limited is seen as complementary with the existing Patties business in Australia and will form an integral part of the Patties Group. Patties consider that there is the opportunity to leverage Patties’ existing customer relationships and distribution networks to sell Food Partners Limited’s products into Australia across several channels.

The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005.

Michael Gartshore
Webb Henderson
P O Box 105-426
AUCKLAND