Goldman Sachs Asset Management is reportedly set to acquire a significant stake in Froneri, the global ice cream manufacturer, through a continuation vehicle managed by PAI Partners, according to a report by Reuters.
The deal values Froneri at approximately €15bn (circa $17.1bn), including debt.
The transaction, which could be finalised as early as September, would see Goldman Sachs act as lead investor in the vehicle, enabling existing PAI investors to roll over their interests while providing new capital to support future growth.
Froneri was established in 2016 as a joint venture between PAI-owned R&R Ice Cream and Nestlé, combining their respective ice cream operations across 20 markets. In 2019, Nestlé also divested its US ice cream business to Froneri in a $4bn transaction, transferring brands such as Häagen-Dazs under the Froneri umbrella.
