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Allegro Funds finances owner’s departure from Everest Foods

By RJ Whitehead

- Last updated on GMT

Allegro Funds finances owner’s departure from Everest Foods

Related tags: Ice cream

Melbourne ice cream maker Everest Foods has been acquired by a Sydney investment fund in a deal that is believed to be worth around A$30m (US$27.4m).

Privately owned Everest, which has been in business since 1958 and manufactures and distributes the premium NorgenVaaz and Gelateria brands, as well as its own Everest gelato, has a strong presence in the scoop-and-serve segment.

It also manufactures ice cream in Australia under contract for some global brands, and has offices in each state.

Allegro Funds, the turnaround specialist which took control of Pizza Hut Australia a year ago, made the acquisition to allow the owner of Everest to leave the business.

Comet Line Consulting advised Everest Foods on the sale of the business. David Baveystock, it’s director, said Everest was one of a number of foodservice markets that "remain highly fragmented, and are ripe for further consolidation opportunities”​.

Related topics: Manufacturers, Ice Cream