Peters, which was acquired by PEP from Nestle in August 2012, currently has annual revenues of around $250m. The company’s brands include Connoisseur, Drumstick and Maxibon.
The companies did not disclose the terms of the deal, but it was reported that the business was sold for about A$450m ($416m).
R&R is backed by private equity firm PAI Partners, which bought the company from peer Oaktree a year ago.
Earlier this month R&R launched an offering of £315m senior notes due 2020.
PEP managing director Tony Duthie said, “We are pleased that a company of R&R’s pedigree will help drive the future of the Peters’ business alongside the existing skilled and committed Australian management team.”
PEP has just made an indicative offer of between A$5.10 and A$5.25 per share for risk management specialist SAI Global, valuing it at as much as A$1.1bn ($1bn).
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