Beefy’s Pies set for rapid growth following Retail Food Group acquisition for $10m

A Sunshine Coast-born pie shop franchise will be making even more dough with a retail food group takeover worth $10m tipped to fast-track its expansion.

Beefy's Pies has been acquired by the Retail Food Group.

A well-known Sunshine Coast pie shop franchise that receives weekly requests to open new stores, is set for rapid growth following its acquisition by a major food retail group.

Sunshine Coast-based business Beefy’s Pies has been acquired by the Retail Food Group for $10m.

The purchase of the pie and baked goods retailer by the Queensland-based global food and beverage company, which also owns Gloria Jean’s Coffees, Brumby’s Bakeries, and Donut King, marks a stunning rise for the business since opening its first store in the Aussie World precinct at Palmview in 1997.

It opened a second store at Buderim in 1998, before establishing an in-house manufacturing factory at Kunda Park in 2004, growing the business to operate five stores across the Sunshine Coast and nine in total across South East Queensland, employing 200 people.

The number of outlets and employees is expected to grow, with Beefy’s Pies increasing sales by about 12 per cent in the first quarter of the current financial year, while it is forecast to generate approximately $18m in revenue in the next financial year.

Beefy's Pies team members Anne Stevens, Kiara Dowdle, and Hester Moore.

Beefy’s Pies founder Mark Hobbs said the acquisition is testament to its hard-working staff.

“To be joining a global company with some very well known, iconic brands, it’s a very proud moment,” Mr Hobbs said.

“I’m excited that our local family and staff have built our local brand to a stage that it is ready to be taken to the next level.”

Mr Hobbs added the purchase will allow the franchise to meet the high demand for more stores.

Retail Food Group CEO Matt Marshall and Beefy’s Pies CEO Mark Hobbs.

“We’ve got nine retail stores and we’ve had quite a demand in terms of requests to be opening more stores in a variety of locations,” he added.

“We literally get requests every week to open new stores, so teaming up with the Retail Food Group allows them to expand that footprint at a faster rate than what we could if we’re doing it alone.”

Retail Food Group chief executive officer Matt Marshall described the purchase as “significant”.

“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,” Mr Marshall 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.”

An award-winning pie manufacturer and retailer, Beefy’s Pies was voted as having the best meat pie on the Sunshine Coast by Sunshine Coast Daily readers in 2019 and for winning gold for its signature steak pie for eight years in a row in the Official Great Aussie Meat Pie Competition.