GENEVA: Food giant Nestle announced on Friday the sale of its Australian ice cream brand Peters to a private equity firm.
Nestle Australia said it had agreed to sell its Peters Ice Cream business, including its factory in the Melbourne suburb of Mulgrave, to funds advised by Pacific Equity Partners (PEP) for an undisclosed sum.
Under the deal PEP will also acquire sub-brands such as Billabong and Frosty Fruits and a long-term licence to market and sell some global Nestle ice cream brands in Australia, including Maxibon and Skinny Cow, the Swiss company said in a statement.
Nestle Australia managing director Graham Campbell said the firm had reviewed its businesses in the country and made the decision "with a view to focusing our portfolio".
"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," said Campbell in the statement.
"The remaining employees will be retained by Nestle."
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