Private Equity firm expands after acquisition of Peters Ice Cream business from Nestle
Swiss-owned food giant Nestle Australia has sold its Australian-based Peters Ice Cream business to Australian Food Group, a company owned by Private Equity group Pacific Equity Partners (PEP). Following a sales process over recent months, Nestle Australia announced at the end of June 2012 that it had agreed to sell Peters, including its Mulgrave factory in Victoria, to Sydney-based PEP for an undisclosed sum.
PEP has acquired the long-term licence to market and sell in Australia household brands such as Frosty Fruits and Monaco Bar, along with other global Nestle ice cream brands, including Drumstick, Heaven, Maxibon, Skinny Cow and Milo Scoop Shake.
Nestle Australia managing director Graham Campbell said the company had reviewed its broad range of businesses in Australia and decided to sell Peters Ice Cream with a view to “focusing on its portfolio of other food products”.
“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,” Mr Campbell said.
PEP focuses on buyouts and late-stage expansion capital in Australia and New Zealand.
In recent times, PEP has invested in several of Australia’s largest food-related businesses. These include SCA Hygiene Australasia (tissue and personal care products), Tegel (chickens), Griffin’s (biscuits including Gingernuts and MallowPuffs) and Frucor (V energy drink).
PEP has eight other portfolio investments spanning sectors such as finance, energy, administration services and entertainment.