Funds advised by Pacific Equity Partners (PEP) announced on May 27, 2014 the sale of Peters Food Group Limited to R&R Ice Cream, backed by funds advised by PAI Partners (PAI).
The terms of the deal are not disclosed.
Under the agreement, R&R will acquire Peters, with its portfolio of household name ice creams including Drumstick, Connoisseur, Peters Original and Maxibon.
PEP Fund IV purchased Peters from Nestlé in 2012.
Since the acquisition, Peters has undergone a transformation driven by investment in its core brands, substantial new product development and improvement in operating costs, under the leadership of CEO, Stephen Audsley.
It generates annual sales of circa A$269 million (US$248.2 million).
Founded in 1985, R&R is the largest private label ice cream manufacturer in Europe and the second largest ice cream manufacturer overall in Europe.
Its portfolio includes the Mondelez and Nestlé brands (including Cadbury Dairy Milk, Oreo, Milka, Smarties and Kit-Kat) as well as brands such as Disney, YooMoo frozen yogurt and Kelly’s of Cornwall.
Revenues for the year ending 31 December 2013 were approximately A$968 million (US$893.2 million).
The existing Australian executive leadership team will continue to develop the Peters business locally and as a part of the broader global R&R business.
By combining the two companies, R&R says it is further establishing its position as a world leader in the ice cream manufacturing market with a unique presence both in the European and Australian markets and significant increased potential for international expansion.
