Nestle has sold its Australian ice cream business Peters to private-equity firm Pacific Equity Partners for an undisclosed sum.

The sale, which includes Nestle's Mulgrave factory, will also comprise sub-brands such as Original, Light & Creamy, Billabong, Frosty Fruits and Monaco Bar.

Reports earlier this year said bids for the business could reach in the region of A$330m (US$343.2m). In 2011, Nestle Peters booked earnings of almost A$25m.

Nestle said its decision to sell Peters Ice Cream was a result of the group wanting to focus its portfolio following a review of its range of businesses in Australia.

As part of the deal, Pacific Equity Partners will also acquire a long-term licence to market and sell in Australia certain global Nestlé ice cream brands, including Drumstick, Heaven, Maxibon, Skinny Cow and Milo Scoop Shake.

The private equity firm is understood to have a focus on buyouts and late-stage expansion capital in Australia and New Zealand. Its assets include New Zealand biscuit maker Griffin's, although that business was the subject of takeover speculation late last year.