July 10 2014
R&R Ice Cream announces completion of acquisition of Peters Food Group Limited
R&R Ice Cream plc has confirmed that it has completed the acquisition of Peters Food Group Limited, the leading 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.
R&R Chief Executive Officer, Ibrahim Najafi, said “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.”
R&R is fully committed to continuing to invest in Peters and the company’s long history of innovation. The existing Australian executive leadership team will continue to develop the
Peters business locally and as a part of the broader global R&R business.
By combining the two companies, R&R is further establishing its position as a world leader in the cream manufacturing market with a unique presence both in the European and
Australian markets and significant increased potential for international expansion.