PAI Partners, a private equity firm, has announced the completion of a €3.6 billion equity transaction to establish a new ownership structure for its roughly 50% stake in Froneri, the global ice cream giant jointly owned with Nestlé.
As part of the deal, a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) has become a significant minority co-investor in Froneri, joining PAI and a new single-asset continuation vehicle (CV) led by Vintage Strategies at Goldman Sachs Alternatives. The transaction ranks among the largest single-asset CV deals ever completed in Europe.
Formed in 2016 through a joint venture between PAI’s R&R Ice Cream and Nestlé’s European ice cream business, Froneri has evolved from a mainly European, private-label producer into a brand-led global business, now generating €5.5 billion in annual revenue across 25 countries.
The company’s portfolio includes leading brands such as Häagen-Dazs, Nestlé, and various regional favourites, supported by a strong innovation pipeline and a well-invested supply chain.
“Froneri is a clear example of PAI’s ability to create and grow global champions in the consumer sector,” said Frédéric Stévenin, co-managing partner at PAI Partners. “Since we first partnered with Nestlé in 2016, the business has successfully expanded into new markets, strengthened its branded portfolio and established itself as a global leader.”
Phil Griffin, CEO of Froneri, added: “The renewed commitment of our partners, combined with the addition of new investors and capital, reflects confidence in our business and reinforces the strong partnership that underpins our growth.”
ADIA’s involvement marks a significant addition to the shareholder base. Hamad Shahwan Aldhaheri, Executive Director of ADIA’s Private Equities Department, said the investment “offers a compelling opportunity to support Froneri for its next phase of growth alongside experienced and proven partners.”
Gabriel Mollerberg, managing director at Goldman Sachs Alternatives, cited Froneri’s “attractive financial characteristics, exceptional operational execution and strong alignment with all key shareholders” as key factors behind investor demand.
Advisers on the transaction included Evercore for PAI, Rothschild for Froneri, and Deutsche Bank for ADIA.
Froneri employs over 12,000 people globally. The company is expected to pursue further organic growth, operational efficiency, and strategic acquisitions under its next phase of development.
by Leah Smith
Source: foodbev.com
Diageo has today (10 November 2025) announced the appointment of Dave Lewis to the role of CEO and executive director, effective 1 January 2026. Lewis steps into the role following the departure of former CEO Debra Crew, who stepped down in July. Nik Jhangiani, the company’s chief financial officer, has been serving as interim CEO since.
Before joining TBG, Chibe served as CEO of Pabst Brewing Company. His previous roles include president and CEO of Ferrero North America, US chief marketing officer at Anheuser-Busch InBev and senior leadership positions at Wrigley.
Located in Southern Minas Gerais, the brewery aims to enhance the company’s supply chain by bringing production closer to key consumer hubs in Brazil’s Southeast region. With an initial capacity of up to five hectolitres per year, the plant will produce Heineken and Amstel products – both 100% pure malt brands.
