Nestlé and private equity firm PAI Partners are to set up a joint venture for Nestlé’s frozen pizza business in Europe. Through the PAI Mid-Market Fund, which is dedicated to mid-market opportunities, PAI will have equal non-controlling stakes with equal voting rights.
Nestlé and private equity firm PAI Partners (PAI) are to set up a joint venture for Nestlé’s frozen pizza business in Europe. Through the PAI Mid-Market Fund (PAI MMF), which is dedicated to mid-market opportunities, PAI will have equal non-controlling stakes with equal voting rights.
Financial details of the transaction, which is subject to employee consultations and the approval of regulatory authorities and is expected to close in the second half of 2023, are not being disclosed.
Nestlé’s pizza business spans several countries across Europe including Germany, Italy, France, Spain, Switzerland, Portugal, Austria, Belgium and The Netherlands, with an annual turnover of around CHF400 million. The pizzas are currently distributed under the Wagner, Buitoni and Garden Gourmet brands. The new business will be headquartered in Germany and will operate two manufacturing facilities, in Nonnweiler, Germany and Benevento, Italy.
This partnership follows the creation of Froneri in 2016, a joint venture between PAI Partners and Nestlé focused on the ice cream market.
