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

Following its $1bn acquisition of O-I ANZ last year, one of the biggest manufacturing acquisitions by an Australian owned business in Australian business history, Visy has pledged it will invest a further $2bn in Australian manufacturing over the next ten years.

Australia’s first industry insight reports for the Save Food Packaging Design project as part of the Fight Food Waste CRC have been released by the Australian Institute of Packaging, in partnership with RMIT.

Orora achieved increased underlying earnings before interest and tax in all its businesses in the first half, on sales that rose 3 per cent in constant currency terms, with Australasia the best performer.