King & Wood Mallesons has acted for Nestlé on the sale of its Peters Ice Cream business to Australian Food Group, a company owned by Private Equity group Pacific Equity Partners (PEP).
Clayton Utz advised PEP, which is based in Sydney and 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.
The King & Wood Mallesons team comprised a cross-practice team of Intellectual Property, M&A, Banking, Employment and Property experts.
Partners Michael Barker and Katrina Rathie led the transaction working closely with Partners Lee Horan, Yuen-Yee Cho and Scott Bouvier. Special Counsel Sean Selleck and Senior Associates Adrian Slack and Leiann Vicars provided additional support on the deal.
Following a strategic review of its businesses in Australia, Nestlé decided to sell Peters in order to focus its portfolio.