Froneri Strikes Deal To Buy Food Union’s Europe Ice Cream Business

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UK-based crystal pick shaper Froneri has entered agreements to get Food Union’s European crystal pick business.

Financial specifications were not disclosed.

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According to a associated connection published by Food Union coming (15 October), nan waste is expected to adjacent successful nan “coming months.”

The projected transaction covers each of Food Union’s European markets specified arsenic Norway, Denmark, Lithuania and Romania.

The woody besides includes Latvia but nan dairy business successful this marketplace is excluded from nan transaction and ownership will stay nan same, nan connection said.

Food Union’s guidance squad will proceed to lead nan business, according to Froneri.

Food Union owns respective crystal pick brands, including Premia successful nan Baltics, Jocker successful Lithuania and Isbjørn Is successful Norway.

For Froneri, nan acquisition is expected to thief it “create caller maturation opportunities arsenic good arsenic an opportunity to build connected nan committedness to providing precocious value crystal pick to each consumers”.

The group’s crystal pick portfolio see brands for illustration Nuii and Häagen-Dazs.

Commenting connected nan deal, Froneri CEO Phil Griffin said: “Food Union has built a portfolio of locally loved brands which we scheme to put successful to further create nan important imaginable of nan business.

“We look guardant to welcoming nan Food Union squad to Froneri to support our ambition to be the world’s champion crystal pick company.”

Food Union Executive Chairman Soren Lauridsen added: “Froneri is nan world benchmark successful crystal cream, and we’re delighted that our group and brands person recovered a cleanable location pinch a genuinely world-class leader.

“Under Froneri’s stewardship, these brands will summation broader scope and nan strengths of a world portfolio and capabilities, while preserving nan section characteristic and value consumers love. We look guardant to building nan adjacent section together.”

Earlier this month, PAI Partners restructured its shareholding successful Froneri pinch a number finance from nan Abu Dhabi Investment Authority (ADIA).

The London-headquartered private-equity patient bought a 50% liking successful Froneri successful 2016 done a associated task pinch Nestlé, erstwhile nan nutrient elephantine merged its European ice-cream operations pinch UK-based R&R Ice Cream, owned by PAI Partners.

ADIA, which invests connected behalf of nan Abu Dhabi government, acquired a minority, undisclosed information of PAI Partners’ 50% stock via a wholly-owned subsidiary arsenic a co-investor pinch nan private-equity firm.

Meanwhile, Goldman Sachs, via Vintage Strategies astatine Goldman Sachs Alternatives, was to reinvest successful Froneri done a alleged single-asset continuation conveyance (CV).