What does the company do?

Froneri was formed in October 2016 as a result of the merger of PAI-owned R&R Ice Cream plc and part of the ice cream and frozen food businesses of Nestlé. The Froneri merger created the largest pure play ice cream manufacturer globally with expertise across brands, licenses and private label. What does Froneri do? Froneri is the number 2 ice cream manufacturer in Europe and number 3 globally. They own brands such as, Häagen-Dazs and Nuii & Røar. The Opportunity Why PAI invested in the business: The ice cream market has proven to be a resilient category through the cycle and is anticipated to continue to benefit from underlying trends such as premiumisation Excellent management team with strong focus on cost consciousness and impressive track record of M&A and effective integration. Their close relationship with Nestle has driven a market leading and robust joint venture dynamic Market leading positioning in 20 countries; unique and synergistic blend of strong branded portfolio coupled with global private label dominance through its multi category approach. It should be well positioned to continue to win market share. Why we like the investment: “Froneri is a global leader operating in a resilient food category. It was formed during PAI’s ownership via several acquisitions and, notably, a creative corporate partnership with Nestlé around its European ice cream brands. We are therefore backing the continued equity story of a ‘crown jewel’ asset alongside a strong incumbent sponsor and management team. “ – Cameron Graham, Senior Investment Director, abrdn

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Investment date

2019 (continuation vehicle)




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