How successful acquisition and partnership has led to
sweet success for Froneri


Froneri is a new ice cream, frozen food and chilled dairy company. Combining the success of Nestlé, the world’s largest food manufacturer and R&R, a leading ice cream company, Froneri brings together decades of business and manufacturing expertise.

The Froneri story shows PAI’s philosophy of partnering with talented leadership teams to help great companies become even better.

R&R Ice Cream: a European player focused on private label

In July 2013, PAI acquired R&R, the second largest ice cream manufacturer in Europe. At the time, the company manufactured a broad range of primarily private-label ice cream products across the UK, France, Italy and Germany.

We acquired R&R with a view to expansion, leveraging our strong expertise in the Food & Consumer sector and experience in developing international businesses. From day one, we believed in our ability to transform R&R from a European company focused solely on private-label products into one of the world’s leading ice cream players.

  • #3


  • 2x

    EBITDA in 2 years

  • 75%

    branded portfolio

  • How did we transform R&R

    Froneri is a clear example of PAI’s leading position in the food sector, and its ability to successfully partner with leading players to create strategic value. It demonstrates the partnership and confidence in PAI’s industrial approach and further validates our strong sector expertise. Since the acquisition of Yoplait in 2002, we have developed and defined the strategic direction that has enabled the group to become a world leader in fresh dairy products.

From European private label company to a global ice cream leader

2013 - 2015

Under PAI’s ownership, R&R has been transformed both in terms of product positioning and geographic expansion. In May 2014, R&R acquired Peters, the leading Australian ice cream manufacturer, opening the doors to southern hemisphere markets. In March 2015, R&R further expanded with the acquisition of the South African ice cream business of Nestlé.

The two acquisitions strengthened the positioning of the enlarged business through increased share of branded sales and geographic diversification enhancing the overall equity story.

  • 2 acquisitions

    in the Southern hemisphere

A key transformational partnership


The key transformational milestone happened in September 2016 with the creation of Froneri, a joint venture with Nestlé combining activities in more than 20 countries in Europe, the Middle East (excluding Israel), Argentina, Australia, Brazil, the Philippines and South Africa. Froneri also includes Nestlé’s frozen food business in several European countries.

The joint venture brings together two highly complementary businesses, leveraging their respective strengths to create a global ice cream player with strong brands and best-in-class manufacturing capabilities.

Today, Froneri relies on a diversified portfolio of brands representing 75% of revenues (compared to only 23% for R&R upon PAI’s acquisition).

  • 2.5billion


  • 22


Meet the deal team

  • Frédéric Stévenin

    Food & Consumer

    Frédéric Stévenin

    Food & Consumer | Healthcare

    Frédéric is the partner in charge of the Food & Consumer and Healthcare Sector Teams.

    He first joined PAI in 1993 and spent five years in the Food & Beverage Sector Team. In 1998, he joined Deutsche Bank / Bankers Trust in the European Acquisition Finance Group as a Director and subsequently as Managing Director. In June 2001, he returned to PAI, where he has been involved in a number of transactions including Panzani, Amora Maille, William Saurin, Antargaz, Yoplait, Elis, Panzani-Lustucru, Saeco, Chr. Hansen, UB, Kaufman & Broad, Cerba, Marcolin, Froneri, DomusVi and Labeyrie.

    Frédéric studied at ESCP, and started his career with Banque Paribas in the Advisory team of the Private Banking division. His French and English are fluent, and he is conversational in Spanish.

  • Colm O'Sullivan

    Partner UK Team

    Colm O'Sullivan

    UK Team

    Colm joined PAI in 2006 and heads PAI’s UK Team. He has been involved in a number of transactions including United Biscuits, Kwik Fit, Froneri and VPS.

    He started his career at Hambros Bank in London and New-York working on various debt capital market and advisory transactions. He then moved to Deutsche Bank where he spent eight years in the Financial Sponsors Group working on a number of advisory and financing transactions for European Private Equity Firms.

    Colm graduated with a Bachelor of Science Degree (Hons) in Economics from the University of Ulster and has an MBA from the Erasmus University in Rotterdam and Wharton Business School in Philadelphia. His English and French are fluent.

  • Gaëlle d’Engremont

    Partner Food & Consumer

    Gaëlle d’Engremont

    Food & Consumer

    Gaëlle joined PAI in 2004 and is a member of the Food and Consumer Sector Team. She has been involved in a number of transactions including Chr. Hansen, United Biscuits, Perstorp, Froneri, Labeyrie, B&B Hotels and Roompot.

    She started her career at Unibail where she spent two years before spending four years at Group Casino.

    Gaëlle graduated from ESSEC in 1997. Her French and English are fluent, and she is conversational in Spanish.

  • Christopher Afors

    Principal UK Team

    Christopher Afors

    UK Team

    Chris joined PAI in 2008 as a member of the UK team, and has been involved in a number of transactions including United Biscuits, Froneri and VPS.

    He started his career at J.P. Morgan in London working in the M&A and Equity Capital Markets teams, where he successfully executed many transactions for clients across a range of sectors.

    Chris studied Economics and Politics at Bristol University. His English, French and Portuguese are fluent.

  • Guillaume Leblanc

    Principal Business Services Investment Group

    Guillaume Leblanc

    Business Services Investment Group

    Guillaume joined PAI in 2011 and is a member of the Investment Group and the Business Service Sector Team. He has been involved in several transactions including Froneri, InnoVista Sensors, EMG, AS Adventure and Roompot.

    Guillaume started his career at Time Equity Partners, a private equity firm involved in growth capital transactions in the Technology Media and Communication industry.

    He graduated from HEC in 2008. His French and English are fluent, and he is conversational in German.

  • Maximilian Harrington

    Director UK Team

    Maximilian Harrington

    UK Team

    Maximilian joined PAI in 2016 as a member of the UK Team.

    He started his career at Goldman Sachs in the Consumer & Retail M&A advisory team where he spent five years.

    Maximilian graduated from the University of Sydney with first class Honours in Econometrics and a specialisation in Finance. His French and English are fluent.

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