Close×

Sydney-based investments firm Allegro Funds has acquired privately owned ice cream maker Everest Foods in a transaction believed to be valued at close to $30 million.

Based in Melbourne, Everest Foods manufactures and distributes the premium NorgenVaaz and Gelateria brands, as well as Everest gelato.

Established in 1958, the company has a strong presence in the scoop-and-serve segment.

Strategic advisory business Comet Line Consulting helped the vendor successfully exit Everest Foods. Director David Baveystock said a number of foodservice markets "remain highly fragmented, and are ripe for further consolidation opportunities”.

Allegro Funds also took control of Pizza Hut in Australia earlier this year.

Packaging News

Australia has stepped firmly onto the global stage in support of an ambitious treaty to end plastic pollution, with Environment Minister Murray Watt announcing the nation’s commitment during the United Nations Ocean Conference in France. Meanwhile, local environmental leaders are urging the government to back its global words with accelerated domestic action.

Plastic resin made from recycled milk and juice bottles at a Pact-operated recycling facility in Melbourne meets US FDA safety requirements for use in HDPE food and drink packaging.

Packaging and IT recycling operation Close the Loop anticipates its second half EBITDA will fall by 50 per cent compared to the first half, on revenue that at around $99m will be similar to the first six months.