The Australian company, Quadrant Private Equity is now out of the race to buy Tip Top ice cream. R&R and Nestle joint venture Froneri who owns Peter’s Ice Cream is rumoured to be the strongest contender in the competition to purchase the iconic brand.

Other parties that could still be in the mix are Adamantem Capital, a business founded by former PEP executives, and BGH Capital, founded by former executives of TPG Capital and Macquarie Group’s ex-investment banking head Robin Bishop.

Earlier on, billionaire Raphael Geminder was thought to have looked at the business, along with New Zealand billionaire Graeme Hart, although it remains unclear whether or not they remain in the contest. Other prospective buyers could be Parmalat, Bulla and New Zealand food producer Talley’s.

The competition is believed to be in the second round and a date for final bids has not yet been set.