United Petroleum today announced it has purchased iconic Australian business Pie Face to pursue a diversified growth strategy by expanding into new business.
United will leverage its scale and nearly 40 years of retail experience, with the company’s founders having been involved in fuel retailing since the 1980s, to help grow the food chain and protect the inherent value of the Pie Face brand.
“When the opportunity to acquire Pie Face emerged we identified tremendous value in its brand, as well as its growth potential as a standalone business,” Gary Brinkworth, CEO of United Petroleum said.
“We took the decision that Pie Face would fit perfectly with our strategy of growing our business and achieving scale by expanding into new categories whilst growing customer numbers and building capability.”
United, an independent Australian-owned petrol and convenience company, has acquired the intellectual property and retail network of Pie Face for an undisclosed sum.
Christopher Palmer and Liam Bailey of O’Brien Palmer, appointed Receivers & Managers of Pie Face in October last year, thanked all franchisees and staff for their patience in recent months as the business was prepared for sale, and expect a smooth transition process to help ensure a ‘business as usual’ environment.
Under the sale agreement, Pie Face CEO Bruce Feodoroff will continue to lead the food chain, ensuring continuity for existing franchisees and staff.
United has also committed to maintaining supply for Pie Face, ensuring ‘business as usual’ for staff employed in the commercial kitchen, franchisees, and head office.
“This acquisition provides certainty for staff as many local jobs and small business operators have been protected and staff entitlements have been retained. United will benefit from retaining this experience and corporate knowledge,” Mr. Brinkworth said.
Extracted from Medianet.