Sydney, 12 July 2012: Clayton Utz has jointly advised Australasian private equity firm Pacific Equity Partners (PEP) on its successful bid for Nestlé Australia Ltd's Peters Ice Cream business, for an undisclosed sum. The sale was announced on 29 June 2012.
A Clayton Utz team led by partner Philip Kapp (Private Equity) and including partners Jonathan Donald (Private Equity), Mary Still (Intellectual Property) and Jane Paskin (Superannuation) worked alongside a team at Allens, led by M&A partner Tom Story, in advising PEP during the competitive bid process.
As well as acquiring the Peters Ice Cream brand and the business' Mulgrave factory, PEP will become the owner of Peters' several sub-brands including Original, Light & Creamy, Billabong, Frosty Fruits and Monaco Bar. PEP will also acquire a long-term licence to market and sell in Australia certain global Nestlé ice cream brands, including Drumstick, Heaven, Maxibon, Skinny Cow and Milo Scoop Shake.
Philip said Clayton Utz was pleased to have assisted longstanding client PEP in expanding its portfolio with this strategic acquisition.