Queensland pie institution Beefy’s Pies has entered into a Conditional Sale and Purchase Agreement (SPA)  with global food and beverage group, Retail Food Group (RFG).

After announcing the $10 million sale Beefy’s Pies founder and chief executive Mark Hobbs said he and the team were proud of what the family-owned business had achieved since first opening its doors in 1997.

“Beefy’s is now a much-loved Australian brans, has nine strongly preforming stores across Queensland and a manufacturing facility on the Sunshine Coast that employs 180 people,” he said.

“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.

RFG CEO Matt Marshall said there were a range of factors that attracted the company 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 experience.

“RFG is please 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.”

Key members of both the Beefy’s and RFG teams have been working collaboratively to ensure a seamless transition.

There will be no immediate changes to the Beefy’s team, business operations or supply partnerships, with the team saying it will be business as usual from day one. Beefy’s CEO Mark Hobbs will also continue in an advisory role during the first year to maintain standards and provide support.

Image: Beefy’s founder and CEO Mark Hobbs with RFG CEO Matt Marshall