Pacific Equity Partners, an Australian private equity firm, has acquired Swiss food giant Nestlé's Australian ice cream brand Peters and Mulgrave factory located at Victoria for an undisclosed amount.

Through the transaction, the equity firm will acquire sub-brands like Monaco Bar and Frosty Fruits as well as the right to market and sell some international brands such as Drumstick and Maxibon in Australia, reported Wall Street Journal.

Nestle Australia managing director Graham Campbell said the firm has reviewed its broad range of businesses in the country and decided to sell Peters Ice Cream with a view to focus on its portfolio of other brands.

"We are pleased that PEP has expressed its desire to continue to grow this iconic brand in Australia, and delighted that PEP has agreed for substantially all employees to offered employment with PEP as part of the deal," added Campbell.