Nestle selling Australian ice cream business
July 2, 2012
by Eric Schroeder
SYDNEY, AUSTRALIA — Pacific Equity Partners has agreed to acquire the Peters Ice Cream business of Nestle Australia Ltd. Financial terms were not disclosed.
Under terms of the transaction, Pacific Equity will acquire such brands as Peters, Original, Light & Creamy, Billabong, Frosty Fruits and Monaco Bar, as well as a long-term license to market and sell Nestle ice cream brands, including Drumstick, Heaven, Maxibon, Skinny Cow and Milo Scoop Shake, in Australia.
“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 Graham Campbell, managing director for Nestle Australia. “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. This strong position of the Peters Ice Cream business is a tribute to the almost 500 people who make, distribute and sell it in Australia. We’re proud to be part of the Peters Ice Cream story. It is a successful brand which continues to attract the loyalty of a nation of ice cream lovers.
“We are pleased that PEP has expressed its desire to continue to grow this iconic brand in Australia, and delighted that PEP has agreed for substantially all employees to be offered employment with PEP as part of the deal. The remaining employees will be retained by Nestle.”