Goldman Sachs and the Abu Dhabi Investment Authority (ADIA) have invested in Froneri, the joint venture behind Haagen-Dazs and Rowntree’s, in a deal valuing the ice cream maker at €15 billion ($17.6B) including debt.
Froneri, a 50:50 JV between PAI Partners and Nestlé, has seen strong growth since its formation in 2016 and its acquisition of Nestlé’s U.S. ice cream business in 2019 for $4B. The latest investment was made via a single-asset continuation vehicle, reflecting strong demand from global investors for exposure to Froneri’s growth prospects.
The deal establishes a new ownership structure, with an ADIA subsidiary as a significant minority co-investor and a Goldman Sachs-led vehicle also taking a stake, while Nestlé retains its 50% holding.
Froneri generates $5.5B in global revenues and competes with Unilever’s soon-to-be-spun-off Magnum ice cream unit. PAI Partners noted that the oversubscribed transaction underscores investor confidence in Froneri’s continued growth trajectory.
#PrivateEquity #FoodIndustry #Froneri #HaagenDazs #Nestle #GoldmanSachs #ADIA #GlobalInvesting #M&A #IceCreamIndustry