Nestlé Australia has agreed to sell its Peters Ice Cream business, including its Mulgrave factory, to funds advised by Pacific Equity Partners (PEP) for an undisclosed sum.
Under the sale, PEP will acquire the iconic Peters ice cream brand, together with well known and sub-brands such as Original, Light & Creamy, Billabong, Frosty Fruits and Monaco Bar.
EP will also acquire a long-term licence to market and sell in Australia certain global Nestlé ice cream brands, including Drumstick, Heaven, Maxibon, Skinny Cow and Milo Scoop Shake.
Nestlé Australia MD Graham Campbell said: “We have reviewed our broad range of businesses in Australia and decided to sell Peters Ice Cream with a view to focussing our portfolio. Our brands continue to play a strong role across a diverse range of food sectors, reflecting our long term commitment to the Australian food industry."
The transaction is subject to customary closing conditions.
Source: Nestlé Australia