Everest Ice Cream is a leading manufacturer and distributor of premium ice cream, gelato and frozen desserts. Known for its artisan gelato and delicious Dixie Cups, the business serves a unique suite of B2B customers, including ice creameries, restaurants, hospitals and airlines, producing over 1.4 million litres of product every month.

Allegro acquired Everest Ice Cream from private owners in October 2017, representing the eighth investment in Allegro Fund II. At the time of acquisition, Everest had deep heritage with 60 years of history as an Australian manufacturer but was owned by an absent offshore owner who had underinvested in the business, including the facility, systems, and management capability.

Allegro saw an opportunity to turn Everest into a stronger business through targeted investment in brand revitalisation and automation equipment, improving product quality, and growing its distributor relationships. Through Allegro’s ownership, Everest has grown to be the number one brand and supplier of ice cream to the food service industry.

Allegro deployed its Active Complex Transformation (ACT) approach to transform Everest into a stronger, more sustainable business. This started with a rebrand that consolidated Everest’s product range under one unified banner, which was brought to life by a playful colour palette in tune with Everest’s unique flavour profile.

With a focus on operational efficiency and product consistency, Everest invested in leading Italian-made manufacturing equipment and automated technology that ensured every tub delivered high-quality taste and maximum product fill. This resulted in significant production efficiencies including a reduction in manual handling and wastage and introduced a wider range of packaging formats. Everest also strengthened its customer and distributor relationships by expanding its partnership with national distributor chains and offering high quality, consistent product with innovative flavours in a variety of formats. Additionally, Everest grew its strategic partnerships with high-profile brands and chains such as Maggie Beer, Yo-Chi, and Pizza Hut. These brands leveraged Everest’s new product development capability to solve their unique requirements.

During its ownership, Allegro hired Owen Nelson and Johan Wiggett as CEO and CFO, respectively, to lead the business transformation. Both individuals brought a wealth of relevant industry and transformation experience. Everest also improved its governance framework via the appointment of Andrew Boehm as Non-Executive Director and the establishment of various formal sub-committees including People & Remuneration and Audit & Risk.