Pie-maker sells out on the eve of its biggest day of the year, the AFL grand final

Fans needn't be alarmed with the buyout of the famous footy staple's parent company, there will still be lots of pies to eat on Saturday.

More than 20,000 pies and sausage rolls are sold at the grand final each year, and sales are only going to peak now the Sydney Swans-Geelong Cats clash is back post-COVID at the home of footy, the MCG.

Four'N Twenty pies are products from the well known Gippsland bakery Patties Foods which also includes Patties, Herbert Adams, Boscastle and Nanna's.

The company, which was owned by Sydney-based funds manager Pacific Equity Partners, has sold to Asian investment company PAG.

With its headquarters in Hong Kong, PAG has added the world's biggest pie marker to its growing Australian portfolio which includes The Cheesecake Shop, Red Rooster and Oporto.

PAG is also a major investor in Rex Airlines, with a seat on its board.

Along with Pattie Foods, PAG also announced it was buying Vesco Foods maker of Lean Cuisine and Super Nature.

Both deals with be subject to regulatory approvals.

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Patties Foods was founded half a century ago as a small family business in a seaside cake shop at Lakes Entrance with a staff of four.

Its products are today sold in Australia, New Zealand, Japan, Singapore, Hong Kong, Taiwan and the United States.

Last year property funds manager Charter Hall bought its factories on a 30 year sale and leaseback for $141 million.

The factories are in Bairnsdale and Pakenham in Victoria with a combined site area of 27.2ha.

Patties' chief executive officer Paul Hitchcock said: "PAG's acquisition of Patties Foods is a clear sign that it believes in our business, people and long-term growth strategy.

"The acquisition presents a significant opportunity for Patties Foods, unlocking further investment into market leading innovation, well-known brands and manufacturing capabilities.

"We also very much look forward to working with the Vesco team post completion to best serve our customers."

PAG Private Equity in Australia and New Zealand managing director Sid Khotkar said: "We are excited about this unique opportunity to take some of Australia and New Zealand's best-loved brands to the next level."

Vesco's chief executive officer Bernie Pummell said: "This is an exciting development and a significant step forward for Vesco Foods.

"PAG is well placed to support Vesco and its partners in the future, not only to build on Vesco's success to date, but also to enable new exciting opportunities through the combination of Patties and Vesco."