Peters Ice Cream is could be the next iconic Australian brand to fall into foreign hands after its private equity owners revealed that they are in talks with France’s R&R about a possible sale.

The Mulgrave, Victoria-based company behind much-loved treats such as the Monaco Bar, Eskimo Pie and Drumstick is expected to sell for more than $400 million, according to a report in The Australian Financial Review.

Private equity company Pacific Equity Partners acquired Peters Ice Cream from Nestle for an undisclosed sum in June, 2012. Reports estimated the sale price to be around $300 million.

PEP was reportedly interested in floating the 107 year-old company on the share market, but revelations that the private equity group is in talks with R&R indicate that an initial public offering is now off the table.

R&R is an ice-cream company headquartered in North Yorkshire, England. French private equity group PAI Partners acquired R&R for GBP715 million in April, 2013.

Its brands include Skinny Cow low-fat ice cream bars, Kelly’s Clotted Cream Cornish Ice Cream and Fab iced lollies.