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Firms savour ice-cream sale
Nestle have sold their Peters Ice Cream business to Australian Food Group.
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Firms: King & Wood Mallesons (Nestlé), Clayton Utz, Allens and Ashurst (Pacific Equity Partners)
Deal: Sale of Nestle’s Peters Ice Cream business to Australian Food Group, a company owned by private equity group Pacific Equity Partners
Area: M&A
Value: Undisclosed
Key players: KWM partners Michael Barker and Katrina Rathie led the transaction, working closely with partners Lee Horan, Yuen-Yee Cho (pictured) and Scott Bouvier. Special counsel Sean Selleck and senior associates Adrian Slack and Leiann Vicars provided additional support on the deal. Allens co-head of Private Equity Tom Story and partner Mark Kidston were the lead Allens partners. Ashurst acted for PEP's banking syndicate
Deal significance: PEP, which is based in Sydney, will own the iconic Peters Ice Cream brand, plus sub-brands Original, Light & Creamy, Billabong, Frosty Fruits and Monaco Bar. It also acquired a long-term licence to market in Australia some other global Nestle-owned ice-cream brands such as Drumstick, Heaven and Maxibon.
