EUROPE’S largest own-label ice cream maker has bought an Australian rival in a £250m deal.

R&R Ice Cream in Leeming Bar, near Bedale, has acquired Peters Food Group.

The firm, which employs about 450 workers, says the move will open up one of the world’s largest ice cream markets.

The value of the deal has not been announced but reports previously suggested Peters’ owner, Pacific Equity Partners (PEP), was planning a £247m sale.

Peters was founded in 1907 and is one of Australia’s oldest food businesses. It has previously used cricketing legend Sir Donald Bradman and rock band Kiss to advertise its products.

Its ice cream range includes Billa Bong chocolate treats, Lifesavers fruity pops, the Monaco Bar ice cream sandwich and the gourmet Connoisseur range, and it will continue production at its plant in Victoria, Australia.

R&R Ice Cream, which was last year taken over by private equity firm PAI Partners, makes frozen treats under Nestle and Mondelez brands, such as Cadbury’s Dairy Milk and Oreo, as well as Disney and Kelly’s of Cornwall ices.

Ibrahim Najafi, R&R ice cream’s chief executive, said: “Peters is an iconic Australian business and leader in the country’s ice cream manufacturing market.

“It will be an exciting complement to our European presence.”

Stephen Audsley, Peters’ chief executive, added: “Work will continue in our Australian factory and we intend to create more growth.”