Nestlé agrees to sell U.S. ice cream business to Froneri
The strategic move is designed to create a global leader in ice cream.
Nestlé, Vevey, Switzerland, said it has reached an agreement to sell its U.S. ice cream business to Froneri, an ice cream-focused joint venture Nestlé created in 2016 with PAI Partners, for a transaction value of USD $4 billion.
In 2016, Nestlé and PAI Partners merged Nestlé’s European ice cream business in 20 countries and PAI-owned R&R to create Froneri, one of the world’s largest ice cream companies. With “a portfolio of iconic brands, unparalleled ice cream knowledge and focus as well as an agile and entrepreneurial management style,” Froneri has been able to achieve rapid sales and profit growth, Nestlé said, steadily gaining market share.