Frozen food joint venture for Nestlé and R&R
Food giant Nestlé and UK-based ice cream company R&R have agreed to set up a frozen food joint venture, Froneri.
Headquartered in the UK, Froneri will operate primarily in Europe, the Middle East, Argentina, Australia, Brazil, the Philippines and South Africa. It will combine Nestlé and R&R’s ice cream activities in the relevant countries and will include Nestlé’s European frozen food business (excluding pizza and retail frozen food in Italy), as well as its chilled dairy business in the Philippines. The transaction is subject to employee consultations and the approval of regulatory authorities. Financial details are not being disclosed.
“This is an exciting growth opportunity in a dynamic category,” says Paul Bulcke, CEO at Nestlé. “Froneri will capitalise on complementary strengths and innovation expertise, combining Nestlé’s strong and successful brands and experience in ‘out-of-home’ distribution with R&R’s competitive manufacturing model and significant presence in retail.”
Ibrahim Najafi, CEO at R&R Ice Cream, explains, “I am thrilled about the potential of Froneri and the opportunity for R&R to combine with the biggest and best food business in the world. R&R has gone from strength to strength in the last few years and the blend of people from the two organisations will create a leading team, ideally suited to drive future growth.”
Frédéric Stévenin, partner at PAI Partners, adds, “Froneri, through the combination of Nestlé’s and R&R’s expertise, and the backing of PAI Partners, is a unique and exciting opportunity for further strong growth. We look forward to further leveraging our industrial approach to ownership and strong consumer expertise to support R&R in this new venture.”
