Nestlé, R&R Seal Joint Venture Deal to Create Froneri
Following the successful conclusion of required regulatory clearances, Nestlé and R&R announced on October 3 that they have completed the transaction to create Froneri, a new joint venture engaged in producing and marketing ice cream, frozen food and chilled dairy products. Vevey, Switzerland-headquartered Nestlé and Paris, France-based private equity house PAI Partners have equal equity interests in the business.
With sales of around Euro 2.6 billion, Froneri will operate in 22 countries around the world, employing approximately15,000 people. As announced in April, the company will be headquartered in the United Kingdom and will have sites primarily in Europe, the Middle East, Argentina, Australia, Brazil, the Philippines and South Africa.
Froneri’s frozen food profile will include Nestlé’s European frozen food business (excluding pizza and retail frozen food in Italy), as well as its chilled dairy operation in the Philippines.
The company’s leadership team combines industry expertise and business acumen from across Nestlé and R&R. The board of directors is chaired by Luis Cantarell, Nestlé’s executive vice president for Europe, the Middle East and North Africa, and its chief executive officer is Ibrahim Najafi, the former ceo of R&R.
Froneri’s ice cream portfolio boasts a wide range of products including cones, sticks, iconic ice lollies, tubs and multipacks, packed under a variety of brand names and private labels.