In June 2012, international food company Nestlé sold Peters Ice Cream to the Australian private equity firm, Pacific Equity Partners. The sale saw this famous Australian brand back in local hands. In 2014, however, PEP sold the brand to UK-based R&R Ice Cream.
Peters was founded in Sydney by American-born Fred Peters in 1907. The Peters brand was licensed to various manufacturers in different states of Australia, but the major part of the business was eventually consolidated in Victoria, with a factory at Mulgrave. The company was re-branded as Petersville in the late 1930s.
Petersville acquired a range of food companies, including Four ‘n Twenty Pies and Edgell Birdseye and merged with HC Sleigh in the 1970s, extending its interests into other areas. After being acquired by Adelaide Steamship Company in the 1980s, the company was broken up. The food division, including the Peters Ice Cream brands, were sold to Pacific Dunlop. Peters became foreign-owned in 1995 when Pacific Dunlop sold its food assets and Nestlé bought the ice cream division.
In 2012, Peters Ice Cream ownership passed briefly back into Australian hands when it was acquired by Pacific Equity Partners (PEP). However, in 2014, PEP sold Peters Ice Cream to R&R Ice Cream, a UK-based firm with European ownership.