The proposed deal will cover all Food Union markets in Europe, including Denmark, Norway, Estonia, Latvia (excluding the dairy business), Lithuania, and Romania. The financial details of the acquisition have not been disclosed.
Froneri, a joint venture between Nestle and PAI Partners founded in 2016, is present in over 25 countries and has an annual revenue of more than €5 billion.
Phil Griffin, CEO of Froneri, said: "Food Union has built a portfolio of locally loved brands which we plan to invest in to further develop the significant potential of the business. We look forward to welcoming the Food Union team to Froneri to support our ambition to be the world's best ice cream company."
Food Union is a leading ice cream, dairy, and frozen food company owned by PAG Private Equity, with over 2,200 employees and an annual turnover exceeding €300 million. The acquisition is subject to approval from relevant regulatory authorities and is expected to close in the coming months.
The current management team of Food Union will remain in charge of the business, and Froneri plans to invest in and further develop the locally loved brands.
