Retail Food Group has bought Crust Gourmet Pizza Bars for $24 million.

The pizza chain, which was established in 2011 and has 119 outlets predominantly in NSW and Victoria, will join RFG’s existing portfolio that includes chains like Donut King, Michel’s Patisserie and Brumby’s Bakery.

The Crust system also has outlets in New Zealand, Singapore and most recently, the United States of America.

The transaction follows RFG’s acquisition of the 118 outlet Pizza Capers Gourmet Kitchen brand system in April 2012 that is focused on the Queensland market.

RFG CEO Tony Alford said this is a further opportunity for the company to invest within the QSR category.

“Whilst it remains RFG’s intent to develop each brand as distinct systems, the acquisition will generate unsurpassed opportunity for the exploitation of supply side economies, collaborative marketing, research and development activities, cross pollination of products and services and a growing expertise in the gourmet take away pizza market that will benefit all stakeholders in each system,” he said.

Completion of the transaction is anticipated by the end of September 2012 however remains subject to usual and ordinary conditions including completion of RFG’s due diligence enquiries.

Crust CEO Michael Logos will remain with the business post settlement and, together with co-founder and Managing Director Costa Anastasiadis, will continue to steer the business under the oversight of RFG National Office.

“The transaction is the culmination of a six month engagement during which we have had the opportunity to familiarise ourselves with RFG management, culture and strategic objectives,” he said.

“Having regard to those matters, the opportunity to partner with a growing public company with proven expertise in the retail food franchising industry offers our franchisees and other stakeholders early access to the benefits of a larger organization whilst retaining the core attributes that have generated the Crust Gourmet Pizza Bar success story to date.”

When combined, the company’s present forecast is that Crust and Pizza Capers will contribute circa $7.5 million to RFG 2013 financial year EBIT.