Abu Dhabi, Goldman Sachs Invest In Haagen-Dazs Maker Froneri At €15bn Valuation

By: Trademagazin editor Date: 2025. 10. 06. 09:02

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Goldman Sachs and the state-linked Abu Dhabi Investment Authority (ADIA) have invested in Haagen-Dazs owner Froneri, in a deal that values the ice cream company at around €15 billion ($17.6 billion), including debt.

Froneri is a joint venture between European buyout firm PAI Partners and Swiss packaged food giant Nestlé.

PAI said it had completed a €3.6-billion deal that would create a new ownership structure for its 50% in Froneri, with a subsidiary of ADIA becoming a ‘significant minority co-investor’ and a vehicle led by Goldman Sachs Alternatives also taking a stake.

It declined to give further details on the new ownership structure.

The deal values Froneri at around €15 billion including debt, ESM Magazin reports based on two sources with knowledge of the situation.

Nestlé said it was retaining its around 50% stake in Froneri.

Ice Cream Battle With Rival Magnum

Froneri is home to ice cream brands including Haagen-Dazs and Rowntree’s, and competes with Unilever’s soon-to-be spun off ice cream unit The Magnum Ice Cream Company. It has global revenues of $5.5 billion (€4.7 billion), PAI said in its statement.

Froneri was formed in 2016 as a 50:50 joint venture between Nestlé and PAI unit R&R Ice Cream. It bought Nestlé’s US ice cream business in 2019 in a $4 billion (€3.4 billion) deal.

The investment led by Goldman Sachs was via a so-called single-asset continuation vehicle.

Continuation vehicles have become a popular tool for private equity firms to keep assets longer than the life of the funds they originally bought the asset with.

PAI said demand from investors for the continuation vehicle was oversubscribed, adding that it showed strong demand for investing in Froneri’s growth prospects.

“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,” said Frederic Stevenin, co-managing partner at PAI.

Nestlé said, ‘We welcome the new investment in Froneri and the continued commitment of PAI Partners. Froneri is a successful joint venture that continues to delight consumers as a strong player in the ice cream category.’

Bloomberg and the Financial Times previously reported the potential deal and Goldman Sachs’ interest.