Everest Ice Cream
Delivering the B2B market a bigger scoop of premium frozen desserts
Snapshot
Type of Investment
Turnaround
Industry
Food Products
Initial Investment
October 2017
Fund
Allegro Fund II
Investment Status
Exited
Website
Everest Ice Cream is a leading Australian manufacturer and distributor of premium ice cream, gelato, and frozen desserts, known for its iconic Dixie Cups and B2B partnerships with airlines, restaurants, and hospitals. Allegro acquired the company in October 2017 with the goal of transforming the underinvested business into a market leader.
Under Allegro's ownership, Everest underwent a significant transformation. This involved a strategic rebrand, investment in advanced Italian-made manufacturing equipment, and automation to improve product consistency and production efficiency. The company also expanded its distribution network and formed key partnerships with major brands like Maggie Beer and Pizza Hut. These efforts more than doubled sales and tripled EBITDA, positioning Everest as the top supplier in the foodservice industry.
Allegro exited the business in July 2024, selling it to a new consortium of financial investors.