It was originally developed by an expatriate American, Frederick (Fred) Augustus Bolles Peters in 1907, using his mother's recipe.

Pacific Dunlop sold its food assets in the mid-1990s, and the ice-cream division was acquired by Nestlé, which continued to market brands including Choc-Wedge, Drumstick, and Monaco Bar.

Since 2009, Peters ice-creams have been trucked into WA from Melbourne, but the former PB Balcatta factory still produces Cadbury ice cream.

In 2012, The Peters Ice Cream business, including its Mulgrave factory, was purchased by Pacific Equity Partners (PEP),[5][6] with licence to produce sub-brands that were retained by Nestlé, e.g., Drumstick.

[7] On April 19, 2018, the transaction to create Froneri, a joint venture between the owner of R&R Ice Cream, PAI Partners and Nestlé was completed.