Private equity firm Allegro Funds has exited its investment in Everest Ice Cream.
No financial details of the transaction have been disclosed.
The business has been acquired by a financial investor consortium led by former Quadrant Private Equity managing partner Jonathon Pearce and former EQT Private Equity managing director Patrick Rodden.
Pearce left Quadrant last year while Rodden exited the Sydney office of Sweden-based EQT in March.
The Australian Financial Review has quoted sources as saying Pearce and Rodden are being backed by Packer family investment company Consolidated Press Holdings which is controlled by James Packer.
Founded in 1958 by an Italian migrant family, Everest is a leading supplier of ice cream, gelato and frozen desserts to the Australian food service industry. The company distributes nationally from a production facility it owns in Reservoir, Melbourne.
Allegro took a majority stake in what was then Everest Foods in 2017. The deal was believed to value the company at close to $30 million. Announcing the transaction, Allegro said it had deployed its Active Complex Transformation (ACT) approach to transform Everest into a stronger business. This had involved targeted investment in automation equipment, improving product quality and growing distributor relationships. During its period of ownership, Everest had grown to be the number one brand and supplier of ice cream to the Australian food service industry, Allegro said.
Allegro credited Everest’s success to the expertise, dedication and creativity of chief executive Owen Nelson, chief financial officer Johan Wiggett and their team.
“We’re confident the consortium’s backing and strong food services and manufacturing expertise will propel Everest’s next phase of growth,” Allegro said.
Allegro was advised on the transaction by PwC Australia, Corrs and GreenMount. The investor consortium was advised by EY and DLA Piper. Sky Capital advisory arranged debt.
Image: A selection of Everest Ice Cream flavours.