By . Lillian Radulova . and Freya Noble . Peters ice cream could become the latest iconic Australian brand this to be sold off after its parent company entered talks with a foreign investor. Unlike many of the other brands which are being snatched up by Asian buyers, Pacific Equity Partners is in exlcusive negotiations with French ice cream manufacturer, R&R. As the largest producer of ice cream in Europe - and the second largest in the world - R&R are  reported to have offered $450 million for Peters, according to The Australian. Scroll down for video . The iconic Australian ice cream brand, Peters, is the subject of negotiations this week as Pacific Equity Partners looks to sell it off to French ice cream giant, R&R . If the deal goes through, the French ice cream giant, located in the UK but owned by French private equity firm PAI Partners, will produce some of Australia's favourite treats including Drumstick, Billabong and Connoisseur. Pacific Equity Partners could nearly double their profits after they bought Peters for about $250 million from Nestle in 2012. The deal would also confirm that the company will not be floating Peters on the sharemarket, which had been expected. As the market leader in Australia's multi million dollar ice cream industry, Peters' revenue is projected to rise from $269.3 million in 2014 to $290.3 million in 2015, according to the Sydney Morning Herald. More than 100 years old, the brand is no doubt one of Australia's most iconic brands, founded in 1907 by Fred Peters in Manly. Over 100 years old, Peters is currently the market leader in Australia's multi million dollar ice-cream industry, responsible for well-loved desserts including Drumsticks and Billabong . Australian entrepreneur Dick Smith has spoken out for the second time this week about the damage foreign ownership is doing to Australian brands. His first statements came on Wednesday when Meadowlea announced it was moving offshore, Smith saying the move was a blow to Australian customers. On Friday in light of iconic Australian brand Peters' potential sale, the business owner told the Sydney Morning Herald that his 'company's days are numbered.' 'I think the days are numbered because basically anyone who is any good as a food producer is pretty much immediately bought out by the Northern Hemisphere. These companies have to get growth and the only way they can get growth is by buying out other companies,' he said. Australian businessman Dick Smith said foreign ownership is hurting Australian brands and Dick Smith Foods will be forced to close . Smith also told of the struggle to source produce from local companies, and the impact this is having on consumers who want home-grown products. 'This is going to happen more and more where in the end Dick Smith Foods is going to be forced to close,' he told the publication. Earlier this week, Australian-made Meadow Lea margarine and bread brands Helgas and Wonder White, were also announced to be falling into foreign hands after Asian investors bid $1.37 billion. The companies, owned by Goodman Fielder, could be moved offshore in as little as four months as the company board paves the way for Singapore oils trader Wilmar International and Hong Kong investment house First ­Pacific to enter into a takeover. Smith also revealed it's getting harder and harder to source local produce for his company . Goodman Fielder owns and operates sugar refineries in North Queensland and Victoria, and the company employs about 6000 people in Australia, NZ and Asia. A statement from Goodman Fielder released on Thursday said a recommendation had been put to its board to accept a takeover bid from the two Asian investors at 71 cents a share. Goodman Fielder has a portfolio of well-known consumer brands in some of Australia's largest grocery categories, including Meadow Lea, Praise, White Wings, Pampas, Mighty Soft, Helga's, Wonder White, Meadow Fresh and Irvines. If the buy-out proceeds, the once proudly-owned Australian food brands will join the long list of former iconic products Cottees Cordials, milk brands Dairy Farmers and Dare Iced Coffee, Bushells and Nerada Teas and big biscuit manufacturer Arnott's to fall into foreign hands. No longer: After 75 years in Australian hands the margarine spread on every Australian fridge shelf will soon be owned by Asian investors .
Pacific Equity Partners rumoured to have been offered $450 million by French ice cream giant R&R .
Aussie favorites by Peters include Drumstick, Billabong and Connoisseur .
Comes as Meadow Lea looks set to be bought by Asian investment firm .
By . Lillian Radulova . and Freya Noble . Peters ice cream could become the latest iconic Australian brand this to be sold off after its parent company entered talks with a foreign investor. Unlike many of the other brands which are being snatched up by Asian buyers, Pacific Equity Partners is in exlcusive negotiations with French ice cream manufacturer, R&R. As the largest producer of ice cream in Europe - and the second largest in the world - R&R are  reported to have offered $450 million for Peters, according to The Australian. Scroll down for video . The iconic Australian ice cream brand, Peters, is the subject of negotiations this week as Pacific Equity Partners looks to sell it off to French ice cream giant, R&R . If the deal goes through, the French ice cream giant, located in the UK but owned by French private equity firm PAI Partners, will produce some of Australia's favourite treats including Drumstick, Billabong and Connoisseur. Pacific Equity Partners could nearly double their profits after they bought Peters for about $250 million from Nestle in 2012. The deal would also confirm that the company will not be floating Peters on the sharemarket, which had been expected. As the market leader in Australia's multi million dollar ice cream industry, Peters' revenue is projected to rise from $269.3 million in 2014 to $290.3 million in 2015, according to the Sydney Morning Herald. More than 100 years old, the brand is no doubt one of Australia's most iconic brands, founded in 1907 by Fred Peters in Manly. Over 100 years old, Peters is currently the market leader in Australia's multi million dollar ice-cream industry, responsible for well-loved desserts including Drumsticks and Billabong . Australian entrepreneur Dick Smith has spoken out for the second time this week about the damage foreign ownership is doing to Australian brands. His first statements came on Wednesday when Meadowlea announced it was moving offshore, Smith saying the move was a blow to Australian customers. On Friday in light of iconic Australian brand Peters' potential sale, the business owner told the Sydney Morning Herald that his 'company's days are numbered.' 'I think the days are numbered because basically anyone who is any good as a food producer is pretty much immediately bought out by the Northern Hemisphere. These companies have to get growth and the only way they can get growth is by buying out other companies,' he said. Australian businessman Dick Smith said foreign ownership is hurting Australian brands and Dick Smith Foods will be forced to close . Smith also told of the struggle to source produce from local companies, and the impact this is having on consumers who want home-grown products. 'This is going to happen more and more where in the end Dick Smith Foods is going to be forced to close,' he told the publication. Earlier this week, Australian-made Meadow Lea margarine and bread brands Helgas and Wonder White, were also announced to be falling into foreign hands after Asian investors bid $1.37 billion. The companies, owned by Goodman Fielder, could be moved offshore in as little as four months as the company board paves the way for Singapore oils trader Wilmar International and Hong Kong investment house First ­Pacific to enter into a takeover. Smith also revealed it's getting harder and harder to source local produce for his company . Goodman Fielder owns and operates sugar refineries in North Queensland and Victoria, and the company employs about 6000 people in Australia, NZ and Asia. A statement from Goodman Fielder released on Thursday said a recommendation had been put to its board to accept a takeover bid from the two Asian investors at 71 cents a share. Goodman Fielder has a portfolio of well-known consumer brands in some of Australia's largest grocery categories, including Meadow Lea, Praise, White Wings, Pampas, Mighty Soft, Helga's, Wonder White, Meadow Fresh and Irvines. If the buy-out proceeds, the once proudly-owned Australian food brands will join the long list of former iconic products Cottees Cordials, milk brands Dairy Farmers and Dare Iced Coffee, Bushells and Nerada Teas and big biscuit manufacturer Arnott's to fall into foreign hands. No longer: After 75 years in Australian hands the margarine spread on every Australian fridge shelf will soon be owned by Asian investors .
to have offered $450 million for Peters, to French ice cream giant, R&R . If the deal goes favourite treats including Drumstick, Billabong and Connoisseur. Pacific Equity Partners could including Meadow Lea, Praise, White Wings, by Asian investors .