A stable of iconic Australian food brands including Four’n’Twenty pies and Lean Cuisine meals have been sold to the Hong Kong private investment firm that already owns fast food chains Red Rooster and Oporto in a $500 million-plus deal.

Pacific Alliance Group (PAG), one of the largest private equity funds in Asia, has acquired Patties Foods (which makes Four’n’Twenty, Nanna’s, Herbert Adams, Chefs Pride, Boscastle, Leader, and Snowy River brands) and Vesco Foods (which owns Lean Cuisine and other brands).

The terms of the deal were not disclosed, but a source familiar with the sale said the price exceeded $500 million.

Patties Foods’ chief Paul Hitchcock said PAG’s acquisition was a “clear sign” that the buyout firm believed in Patties’ business and growth strategy.

“It is recognition of our reputation as a highly respected food manufacturer in Australia and New Zealand with a long list of loved food brands. The acquisition presents a significant opportunity,” unlocking further investment and innovation, Hitchcock said in a statement.

Vesco boss Bernie Pummell said being acquired by PAG would help Vesco build on its success as well as “enable new exciting opportunities through the combination of Patties and Vesco”.

Sid Khotkar, PAG’s head of private equity and managing director of Australia and New Zealand, said the acquisition would propel the brands to the “next level” and help them provide their products to consumers across Australia, New Zealand and beyond.

The deal is subject to regulatory approval and must be cleared by the Foreign Investment Review Board (FIRB), its New Zealand equivalent the Overseas Investment Office and Australia’s competition watchdog, the ACCC.

Four’n’Twenty pies was created 75 years ago by piemaker Leslie Thompson McClure in Bendigo, Victoria. McClure sold it to Peters Ice Cream in 1960, and was subsequently sold to Simplot before being sold to Patties Foods in 2003. Four’N’Twenty pies are now sold in Japan and the US as well as Australia.