R&R Ice Cream has completed its acquisition of Peters Food Group, a manufacturer of take-home ice cream in Australia.
Peters, based in Mulgrave in Melbourne, manufactures iconic brands such as Drumstick cones and Connoisseur tubs and sticks, and has been acquired for an enterprise value of circa AUD440 million (approximately EUR305 million).
It achieved an adjusted EBITDA of AUD51 million (approximately EUR35.5 million) for the 12 months ended 31 March 2014.
For the same period R&R, the second largest manufacturer of take home ice cream in Europe, achieved an adjusted EBITDA of EUR95 million.
R&R chief executive officer Ibrahim Najafi says: “In acquiring Peters we are delighted to have achieved a long standing ambition. This takes the R&R model into Australia and out of Europe for the first time with a great business which is profitable, cash generative and has exciting prospects in a growth market. Peters has an excellent management team and this provides both companies with the opportunity to share knowledge and best practices to continue our growth story.”
