Reuters – Nestle Australia Sells Peters Ice Cream

Nestle Australia Ltd. said it has agreed to sell its Peters Ice Cream business to Australia’s largest private equity firm, Pacific Equity Partners, for an undisclosed sum, Reuters reported. Reports earlier this year said bids for the business could top A$300 million ($305 million) based on pretax earnings of about A$25 million in 2011.

 

(Reuters) – Nestle Australia Ltd said it has agreed to sell its Peters Ice Cream business to Australia’s largest private equity firm, Pacific Equity Partners, for an undisclosed sum.

 

Reports earlier this year said bids for the business could top A$300 million ($305 million) based on pretax earnings of about A$25 million in 2011.

 

Peters, a 105-year-old company, has top-selling brands including Drumstick, Heaven and Frosty Fruits.

 

(Reporting by Victoria Thieberger; Editing by Matt Driskill)