European private-label ice cream manufacturer R&R Ice Cream has acquired Australian consumer business Peters Food Group for an undisclosed sum.

Under the agreement, R&R will acquire Peters, with its portfolio of ice creams including Drumstick, Connoisseur, Peters Original and Maxibon. Peters generated sales of circa A$269m (US$249m) last year.

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Pacific Equity Partners Fund IV, the group’s private equity owners, purchased Peters from Nestle in 2012.

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, the company said.

“Peters remains a proudly Australian company employing around 500 people across Australia. With the backing of R&R, Peters will continue to invest in its market leading brands including Drumstick and Connoisseur and in its long history of innovation. Manufacturing will continue at our world class facility in Mulgrave from which we intend to create new opportunities for growth,” said Peters CEO, Stephen Audsley.

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In a statement issued by Pacific Equity Partners, R&R, whose ice creams include the Mondelez and Nestle brands, said it was “fully committed to continuing to invest in Peters and the Company’s long history of innovation”.

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Ibrahim Najafi, CEO of R&R, said: “We are delighted to have come to an agreement with Peters and PEP. Peters is an iconic Australian business and the leader in the Australian ice cream manufacturing market; it will be an exciting complement to R&R’s European presence. We look forward to working with Stephen and his team and accelerating our growth as one combined business.”