French ice cream giant buys Aussie maker of Drumstick

SYDNEY: Australia’s Peters Food Group, maker of the popular Drumstick ice cream and one of the country’s oldest consumer firms, has been sold to French giant R&R for an undisclosed sum.

Peters, which began life in 1907 in the Sydney suburb of Manly, was sold by its private equity owners Pacific Equity Partners (PEP) in a deal market watchers had previously speculated could be worth about A$450mil (US$416mil).