– PAI Partners (“PAI”), a leading private equity firm, completed a €3.6 billion equity transaction and established a new ownership structure for its ~50% stake in Froneri, the global ice cream leader.
– A wholly owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”) becomes a significant minority co-investor alongside PAI and a new single-asset continuation vehicle (CV).
– The CV is one of the largest single-asset CV transactions in Europe to date, led by Vintage Strategies at Goldman Sachs Alternatives.
– The CV was oversubscribed, reflecting strong demand from existing and new investors and confidence in Froneri’s long-term growth prospects.
– Froneri’s successful debt financing earlier this year strengthened its balance sheet and supports future expansion.
– Froneri was formed in 2016 as a 50:50 joint venture between PAI’s R&R Ice Cream and Nestlé’s European ice cream business.
– Since formation, Froneri transformed from a European private-label producer into a global, brand-led business with €5.5 billion in revenue.
– Froneri is a market leader in its core segments, with iconic brands, strong innovation, operational expertise, and leading positions in snacking and
premium segments.
– The company benefits from trusted brand partnerships and a well-invested supply chain.
– Future growth opportunities include leveraging its value-creation playbook, focusing on organic growth, operational efficiency, and strategic market consolidation.
– Frédéric Stevenin, Co-Managing Partner at PAI, highlighted Froneri as an example of PAI’s ability to grow global consumer champions and praised the management team.
– Phil Griffin, CEO of Froneri, emphasized confidence from partners and new investors, reinforcing strong partnerships and future growth prospects.
– Hamad Shawn Aldhaheri, ADIA Executive Director, noted the transaction as a compelling opportunity to support Froneri’s next growth phase.
– Gabriel Mollerberg, Managing Director at Goldman Sachs Alternatives, highlighted Froneri’s strong market position, financials, operational execution, and alignment with shareholders.
