Allen & Overy is advising private equity fund PAI partners (PAI), owner of R&R Ice Cream on its 50/50 joint venture with Nestlé to form a new entity which will be called Froneri.
The joint venture covers more than 20 markets in Europe, the Middle East, Africa, South America and the Philippines, and will employ more than 15,000 people.
Stephen Lloyd, London corporate PE partner leading on this transaction comments: “This deal brings together two of the world’s top ice cream companies in a highlight complex and high value joint venture that will create a global leader, whilst realising substantial synergies.
“This transaction is a further example of the trend for Private Equity to team up with trade to enhance value for both sets of stakeholders.”
The Allen & Overy team is led by corporate PE partners Stephen Lloyd and Karan Dinamani in London with assistance from senior associates Peter Banks, Sarah Thomas and Monika Przygoda. London partner Jim Ford led on the IP aspects.
The deal is expected to close around the end of the year, subject to employee consultations and regulatory approval.
The deal adds to the significant number of transactions on which the Allen & Overy Private Equity team has advised in the past 12 months, which includes advising:
• 3i Group on sale of Elements Materials Technology
• Alberta Investment Management Corporation (AIMCo) on its EUR948m sale of its 50% stake in Autopista Central de Chile, a Santiago-based toll road infrastructure asset
• Novo A/S on its joint acquisition with Nordic Capital Partners of E Research Technologies, a U.S. pharmaceutical trial software provider
• Exponent Private Equity on the GBP550m sale of Quorn Foods
• Charterhouse on its sale of Deb Group to U.S. household products company SC Johnson
• PAI Partners on its acquisition of A/S Adventure and Snow & Rock
• OMERS Private Equity and AIMCo on their acquisition of ERM
• Lone Star Funds on their acquisitions of Balta Group from Doughty Hanson and their public-to-private of Quintain Estates and Development plc.
