THE Drumstick and Choc Wedge ice-cream could be about to go the way of iconic Australian brands Victoria Bitter and Victa Lawnmowers and be sold overseas.
The world's second largest ice-cream producer, UK-based R&R is believed to be close to a deal to pay about $450 million for ice-cream company Peters.
The sale would be between private equity groups, with Peters owners Sydney-based Pacific Equity Partners (PEP) to sell to French private equity firm PAI partners.
PEP looks like it will make a healthy profit, having paid Nestle what is believed to be less than $300 million for Peters in late June 2012.
It dropped plans on Thursday to publicly float Peters on the stock market with an initial public offering understood to have raised less than the proposed sale price.
Neither group would comment on the sale.
Peters was founded 107 years ago.
The company's website includes a picture of cricket legend Don Bradman advertising the ice cream in 1938.
The news comes in the same week it emerged that US corporate raiders private equity group Kohlbeg Kravis Roberts had made a $3.1 billion bid for Treasury Wine Estates, owners of the world-renowned Penfolds Grange Hermitage.
Private equity firms often buy underperforming publicly listed companies, restructure and turn them around and then publicly float them again.
The Spotless services group made a successful return to the share market on Friday, nearly three years after its acquisition also by PEP.
Warrnambool Cheese and Butter and Goodman Fielder are other Australian food companies to be bought recently by foreign groups.
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