French ice cream company to purchase Peters

Peters Ice Cream will be sold for the second time in as many years with French-owned ice cream company R&R to become its new owner.

The Aussie brand, which makes Drumstick, Heaven, Billabong, Maxibon, Monaco Bar and tubs of ice cream, is reportedly selling for more than $400 million, though the terms of the deal have not been disclosed.

In 2012, Australasian private equity firm Pacific Equity Partners (PEP) bought the company from Nestle for an undisclosed sum.

The sale follows an abandoned plan by PEP to float the company on the Australian Securities Exchange.

Peters Ice Cream has a 105 year heritage in Australia and is the market leader in Australia's ice cream industry. R&R makes brands such as Rowntree’s sweets, Skinny Cow ice cream and Kelly’s Cornish ice cream.