, Australia
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Photo from Beefy's Facebook page.

Retail Food Group acquires Beefy’s Pies for $10m

The brand operates nine retail outlets.

Retail Food Group has acquired pie shop chain Beefy's Pies for $10m.

Beefy’s was established in 1997 and sells pies and other bakery goods. The brand operates nine retail locations between Brisbane and Gympie, supported by a factory at Kunda Park.

Total consideration includes an upfront cash payment of $5.5m and $2m in RFG equity alongside deferred cash payments of $2.5m over the 12 months post-completion.

“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. 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,” Retail Food Group CEO Matt Marshall said.

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