Drumsticks, Frosty Fruits and Monaco Bars in European hands

THE Peter's Drumstick is this year celebrating half a century as a mainstay on Australian beaches for times when the water wasn't enough to cool down.

But the Aussie icon is now in the hands of European giant R&R Ice Cream, having bought Peter's Ice Cream from Sydney-based Pacific Equity Partners for a sum understood to top $400 million.

R&R is owned by French private equity firm PAI Partners.

Peters is best known for its Billabong, Frosty Fruits, Maxibon, Connoisseur and Monaco Bar icecreams.

The Queensland Dairy Organisation, which represents the state's milk producers, expects little impact because few farmers would supply Peters.

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