How successful acquisitions and a partnership have led to
sweet success for Froneri


Froneri is a new global 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.

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.

  • #2


  • 9x

    EBITDA in 7 years

  • 87%

    branded portfolio

  • Froneri: a successful partnership between PAI and Nestlé
  • 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 PAI’s industrial approach and further validates our strong sector expertise.

From European private label company to a 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 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

    initial 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, Argentina, Australia, Brazil, the Philippines and South Africa.

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.

  • 1


  • 20+


Growing the company further

2016 - Present

In 2019/2020, Froneri made three more significant acquisitions: Tip Top Ice Cream in New Zealand, Noga Ice Creams in Israel, and Nestlé USA's ice cream business, creating the 2nd largest ice cream company globally.

Today, Froneri relies on a diversified portfolio of brands representing 87% of revenues (compared to only 23% for R&R upon PAI’s acquisition) and has a presence in 23 countries with leading positions in most of its markets.

  • 3

    more transformational acquisitions

  • 4bn


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