Global food and beverage group Retail Food Group (RFG) today announced its entry into a conditional Sale & Purchase Agreement (SPA) to acquire iconic Queensland piemaker 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, 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 said.
Beefy’s founder and CEO Mark Hobbs said, “We’re proud of what we have achieved as a family-owned business since opening our first store in 1997. 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.
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 – it will be business as usual from day one. All existing Supply Partner arrangements will remain unchanged, ensuring seamless continuity. There will be no impact on Franchise Partner operations across RFG’s existing brands.