Reuters: Private Equity: Nestle Australia sells Peters Ice Cream to PEP

Reuters: Private Equity Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Nestle Australia sells Peters Ice Cream to PEP Jun 29th 2012, 05:44 MELBOURNE, June 29 | Fri Jun 29, 2012 1:44am EDT MELBOURNE, June 29 (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.

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