The completion of the transaction is subject to customary closing conditions.

Established in 1957, Weis produces a wide range of frozen desserts in various formats, including single and multi-pack bars, as well as dairy-free sorbet.

Weis is better known for its original product, Fruito Bar.

Upon completion of the transaction, Weis will become part of Unilevers portfolio, which includes Grom, Ben & Jerry’s and Talenti.

The company will continue producing ice creams from its factory in Toowoomba, Queensland, using locally sourced ingredients.

Unilever Australia and New Zealand CEO Clive Stiff said: “This acquisition will bring Weis the benefits of scale, strong market access and ice cream category expertise to help take the business to the next level in its growth.”

Weis managing director Julie Weis said: “Our family made this decision because Unilever demonstrated their understanding of our brand, our products and how important our people and the Toowoomba manufacturing site are in ensuring Weis’ success into the future.

“In addition, Unilever’s scale will enable greater market access and growth that will provide opportunities for our extended Weis family of staff, suppliers, customers and of course our wonderful consumers.”