LEEMING BAR, ENGLAND — Froneri, a joint venture between PAI Partners and Nestle S.A., has reached an agreement to acquire the Noga Ice Creams Limited Partnership. The acquisition will mark Froneri’s entrance into the Israeli market and will bring all of the Nestle Europe, Middle East and North Africa ice cream businesses into the Froneri group.
Noga is part of the Nestle-owned business Osem Group. Its brands include La Cremeria, Extreme, Cookilida, Crunch and Gumigum.
Financial terms of the transaction were not disclosed.
“We’re very excited to be building on the strengths of our existing joint venture with Nestle,” said Ibrahim Najafi, chief executive officer of Froneri. “By entering Israel we’re continuing to realize our vision of becoming the world’s best ice cream company.
“Our consumers are at the heart of our business, and we intend to invest in the local brands, products and flavors that Nestle has been exciting the market with for over 20 years. We’re looking forward to welcoming the team into Froneri.”
Marco Settembri, c.e.o. of Nestle’s Zone Europe, Middle East and North Africa, added, “With its continued growth and global prominence in the ice cream market, Froneri’s success speaks for itself. This milestone deal marks the final stage of the transition of our EMENA ice cream businesses into Froneri, further strengthening its presence in the region.”
Nestle S.A. and R&R, a United Kingdom-based ice cream company owned by private equity firm PAI Partners, established Froneri in 2016. The joint venture is the second largest manufacturer of ice cream in Europe and the third largest in the world with sales of around €2.6 billion in more than 20 countries.