A&O advises as Froneri enters Israel with acquisition of Nestlé ice cream business
11 July 2019
Leading ice cream business Froneri has acquired the Noga Ice Creams Limited Partnership, part of the Nestlé-owned business Osem Group, which means Froneri will be entering the Israeli market for the first time. This deal brings all of the Nestlé Europe, Middle East and North Africa ice cream businesses into the Froneri Group.
Froneri is a leading global ice cream business present in over 20 countries with revenues of over EUR2.6 billion. It was created in 2016 as a joint venture between PAI Partners and Nestlé, on which Allen & Overy also advised PAI Partners. Froneri is the second largest manufacturer of ice cream in Europe, the third largest worldwide and the number one private label producer worldwide.
Commenting on this transaction, private equity partner Peter Banks, who led the A&O team, comments: "This is a milestone deal for Froneri as it takes its first steps in the Israeli market and we were very pleased to work with them to achieve it having advised on the joint venture which created the business."
Peter led the transaction, with support from Lee Noyek in Israel and associate Caroline Crawford in London. Israeli legal advice was provided by Herzog, Fox and Neeman.