Allen & Overy advises PAI Partners in connection with the joint venture between R&R Ice Cream and Nestlé
12 May 2016
The joint venture founded by Nestlé and R&R Ice Cream operates under the name of Froneri. Froneri is present in more than 20 markets in Europe, the Middle East, Africa, South America and Asia and has over 15,000 employees. The joint venture generates turnover of more than CHF 2.7 billion. The transaction is scheduled for completion by the end of 2016, once the employee consultations have been completed and the necessary clearance has been obtained from the various regulatory authorities.
R&R Ice Cream was established in 2006 following the merger of Richmond Foods from the UK and Roncardin in Germany. The company produces numerous ice cream brands, including Milka, Toblerone, Daim, Oreo and Philadelphia. It has over 3,500 employees working at nine production sites.
R&R Ice Cream has been a portfolio company of the private equity fund PAI Partners since 2013. PAI is a leading European investment company with offices in Munich, Paris, Copenhagen, London, Luxembourg, Madrid and Milan. PAI manages and advises funds for corporate takeovers with total investments of EUR 4 billion.
Allen & Overy's London-based private equity partners Stephen Lloyd and Karan Dinamani assumed global management of the transaction.
The German Allen & Overy team was led by private equity partner Dr. Markus Käpplinger and included senior associate Dr. Roman A. Kasten and associates Sebastian Dexheimer and Phillip Prystawik (all private equity, all Frankfurt).
They were supported by senior associate Boris Blunck and associate Dr. Sebastian Schulz (both employment & benefits, Frankfurt), senior associate Miray Kavruk and associate Jennifer Sauder (IP, Düsseldorf) and senior associate Dr. Stefanie Günther, associate Metin Batkin (both public law), senior associate Dr. Christoph Börskens and associate Dr. Riccardo Marinello (real estate, Frankfurt) and associate Dr. Patrick Flockenhaus (occupational pensions, Düsseldorf).
Allen & Overy teams from 24 other jurisdictions also provided support.