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

In a world first, FMCG giant Procter & Gamble is set to pilot skincare products in refillable containers, which it says could dramatically reduce the amount of plastic used in the beauty category.

Foodmach chief customer officer Earle Roberts has been appointed CEO as of 1 July, after delivering a string of recent successes for the company.

The Andrews Government has introduced legislation to ban lightweight, single-use plastic bags in Victoria from 1 November, leaving NSW as the only Australian state or territory still permitting the bags.