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.