Following recent speculation it has been confirmed that ice cream brand Peters Food Group Limited (Peters) is to be sold by Pacific Equity Partners (PEP). Peters, which is one of Australia’s oldest consumer businesses, has been sold to UK-based R&R Ice Cream plc (R&R) backed by funds advised by French private equity firm PAI Partners (PAI).
According to Australian Food News (AFN), terms of the deal have not been disclosed, however the price is rumoured to be around AU$450 million ($419 million).
Pacific Equity Partners Managing Director Tony Duthie spoke of the sale by saying “The successful transformation of the Peters business underscores our ability to combine outstanding management, operational experience and industry knowledge to individual companies, resulting in strong returns for our investors”.
“We are pleased that a company of R&R’s pedigree will help drive the future of the Peters’ business alongside the existing skilled and committed Australian management team”, he added.
Peters owns a portfolio of brands including Drumstick, Connoisseur, Peters Original and Maxibon and generates annual sales of around A$269 million ($251 million).
Source: Australian Food News