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Allens helps ice creams change hands

13 July 2012

Allens and Clayton Utz have jointly advised Pacific Equity Partners (PEP) on its successful bid for Nestlé Australia's Peters Ice Cream business.

Partners Philip Kapp and Jonathan Donald led the team at Clayton Utz, while Allens Co-Head of Private Equity Tom Story and Banking Partner Mark Kidston were the lead Allens partners.

As well as acquiring the Peters Ice Cream brand and the business's 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.

Mr Story said: 'We are pleased to have assisted PEP in continuing its strong investment track record in successful consumer products companies in this market.

'There has been a growing trend for this type of private equity investment in Australia, with a number of multi-national companies looking at divesting non-core businesses,‘ he said.

Barclays Capital acted as financial adviser to PEP, while JPMorgan and King & Wood Mallesons acted for Nestle Australia.

Allens legal team Tom Story (Partner – Sydney), Mark Kidston (Partner – Sydney), Andrew Wiseman (Partner – Sydney), Michael Graves (Partner – Melbourne), Jo Folan (Senior Associate – Sydney), Richard Bell (Senior Associate – Sydney), Rebecca Sadleir (Special Counsel – Sydney), Robert Kerr (Senior Associate – Sydney), Veronica Siow (Senior Associate – Sydney), Nathan Shepherd (Senior Associate – Sydney), Rola Lin (Lawyer – Sydney), Mariaan de Beer (Lawyer – Melbourne)

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Notes for editors.

Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 36 offices in 27 countries around the world.