Nestlé To Set Up Joint Venture With PAI Partners For European Frozen Pizza Business
Food giant Nestlé has agreed to set up a joint venture for its frozen pizza business in Europe with private equity firm PAI Partners.
The move will see Nestlé retain a non-controlling stake with equal voting rights alongside PAI Partners.
The transaction, subject to employee consultations and the approval of regulatory authorities, is expected to close in the second half of 2023.
Nestlé and PAI Partners have not disclosed the financial details of the deal.
The proposed partnership will only cover Nestlé’s frozen pizza business in Europe, the Swiss company noted.
The company’s pizza business in the United States is not part of the transaction.
In 2016, Nestlé teamed up with PAI Partners to create Froneri, a joint venture for the company’s global ice cream business.
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