Our approach > Case studies > Froneri

Creating the leading global ice-cream consolidator through a transformational partnership with Nestlé

Across countries Froneri operates in

83%

Branded portfolio

€5.5bn

Sales

Countries

Overview

Key facts

Sector

Food & Consumer

Headquarters

United Kingdom

Investment date

July 2013

Ownership

50/50 partnership

Learn More

Froneri is a leading, global pure-play ice-cream 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 is a great example of PAI’s belief in partnering with talented leadership teams to help grow and transform companies.

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.

PAI acquired R&R with a view to driving expansion, leveraging the Firm’s 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.

From European private-label company to brand-led, global ice-cream leader

2013 – 2015

Under PAI’s ownership, R&R was 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 door to Southern Hemisphere markets. In March 2015, R&R further expanded with the acquisition of Nestlé’s South African ice-cream business.

The two acquisitions strengthened the positioning of the enlarged business through increased share of branded sales and geographic diversification, enhancing the overall equity story and paving the way for future consolidation and the next leg of the journey.

A key transformational partnership

2016

The key transformational milestone took place 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, Argentina, Australia, Brazil, the Philippines and South Africa.

The joint venture brought 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.

Growing the company further

2016 – Present

In 2019/2020, Froneri made three more significant acquisitions: Tip Top Ice Cream in New Zealand (2019), Noga Ice Creams in Israel (2019) and, critically, Nestlé USA’s ice-cream business (2020), which helped secure a leading position in the world’s largest ice-cream market. By the start of 2020, Froneri had grown to become the second largest ice-cream company globally.

Following the integration of the Nestlé USA ice-cream business alongside a $1 billion capital investment programme in the US, Froneri returned to M&A at the end of 2024, acquiring Crufi in Uruguay and the European ice-cream business of Food Union (2025), and announcing, alongside Nestlé, that it was in advanced-staged negotiations for the sale of Nestlé’s remaining ice-cream businesses (2026).

Today, Froneri relies on a diversified portfolio of much-loved and well-invested brands, representing 83% of revenues (compared to only 25% for R&R upon PAI’s acquisition), with a focus on the high-growth snacking and premium segments. The company has a presence in 30 countries, with leading positions in most of its markets, in the large and attractive ice-cream category.