Nestlé Australia has entered into an agreement with Pacific Equity Partners (PEP) to sell its Peters Ice Cream business for an undisclosed sum.
If approved, PEP will acquire the iconic Peters Ice Cream brand and a number of well-known sub-brands including Original, Light & Creamy, Billabong, Frosty Fruits and Monaco Bar.
PEP will also gain control of the firm’s Mulgrave-based plant and acquire a long-term license to market and sell certain global Nestlé ice cream brands, including Drumstick, Heaven, Maxibon, Skinny Cow and Mil Scoop Shake in Australia.
The acquisition is subject to regulatory approval.
“We have reviewed our broad range of businesses in Australia and decided to sell Peters Ice Cream with a view to focusing our portfolio,” said Nestlé Australia managing director Graham Campbell.
“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,” he added.