Goldman Sachs and the Abu Dhabi Investment Authority (ADIA) have invested in Froneri, the owner of Haagen-Dazs, in a transaction that values the ice cream company at approximately €15 billion ($17.6 billion), including debt.
Froneri, a 50:50 joint venture between PAI Partners and Nestlé, will see a subsidiary of ADIA become a significant minority co-investor, while a vehicle led by Goldman Sachs Alternatives also takes a stake. Nestlé continues to retain its 50% ownership.
Home to brands such as Haagen-Dazs and Rowntree’s, Froneri competes globally with rivals including Unilever’s Magnum. The company generated $5.5 billion in revenue, reflecting robust growth and strong investor demand for the continuation vehicle used in the deal.
PAI Partners’ Frederic Stevenin said: “We are proud to continue our journey with Froneri and Nestlé, and to welcome ADIA and other leading global institutions as shareholders for Froneri’s next phase of growth.”