- Retail Food Group (RFG) has announced its entry into a conditional Sale & Purchase Agreement (SPA) to acquire Beefy’s Pies.
- Beefy’s, established in 1997, is a family-owned leading manufacturer and retailer of pies and bakery goods on the Sunshine Coast with a well-established brand.
- Beefy’s is anticipated to transition across to RFG following initial completion of the SPA in mid- December 2023.
- Welcoming Beefy’s into RFG’s network sets up the business for further store expansion, and there will be opportunities to franchise the brand in the future.
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.
“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.”
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.
“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.”
Key members of both the Beefy’s and RFG teams have been working collaboratively to ensure a seamless transition. 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.
Media contact: Jamin Smith 0451 755 355
About Retail Food Group Limited:
RFG is a global food and beverage company headquartered in Queensland. It is Australia’s largest multi-brand retail food franchise manager, and is the owner of iconic brands including Gloria Jean’s, Donut King, Brumby’s Bakery, Michel’s Patisserie, Crust Gourmet Pizza, Pizza Capers, Rack ‘em Bones BBQ Ribs, Cafe2U and The Coffee Guy. The Company is also a roaster and supplier of high-quality coffee products, supplied under the Di Bella Coffee brand. For more information about RFG visit: www.rfg.com.au
About Beefy’s Pies:
As a proud family-owned Australian company, born and bred on Queensland’s beautiful Sunshine Coast, Beefy’s Pies has been feeding families, tradies, surfers, office workers and pie lovers since 1997, when the first store opened in the Aussie World precinct. There are now nine stores in south-east Queensland.
The business’s reputation as Australia’s best gluten free bakery is also growing, with the Beefy’s Gluten Free Steak, Bacon & Cheese Pie awarded ‘WINNER Australia’s Best Gluten FREE Pie’ at the Official Great Aussie Meat Pie Competition in 2020 and 2021. For more information about Beefy’s visit www.beefys.com.au