Australia government fund strikes debt-investment deal with Patties Food Group

Core Points - The Australian government is providing A$36 million (approximately $23.1 million) in debt financing to Patties Foods Group to modernize its production capabilities [1][3] - Patties Foods Group plans to invest this funding into its manufacturing sites located in Pakenham and Bairnsdale, Victoria [1][2] - The investment aims to enhance manufacturing capabilities to meet increasing consumer demand, as the Four'N Twenty brand has experienced significant growth over the past decade [2] Company Overview - Patties Foods Group operates eight manufacturing sites across Australia and New Zealand and produces a variety of products including meat pies, party pies, and ready meals under several brands [3][4] - The company was acquired by PAG Private Equity, a Hong Kong-based investor, in 2022, and it also acquired National Pies (Tasmanian Bakeries) in February 2023 [4] Investment Context - The National Reconstruction Fund Corporation (NRFC) is Australia's A$15 billion investment vehicle that focuses on areas such as low-emissions technologies and value-added agriculture [3] - The NRFC's CEO, David Gall, emphasized that the investment supports manufacturing, job creation, and regional development [2][3]