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ADIA considers $1bn funding in Nestlé ice cream

By Pramod Kumar
Nestlé owns brands such as Häagen-Dazs Creative Commons/Wikipedia en inglés
Nestlé owns brands such as Häagen-Dazs

Abu Dhabi Investment Authority (ADIA) is considering a €1 billion ($1.1 billion) investment in a French company that was set up as a joint venture with Nestlé.

The investment would be into Froneri, an ice cream manufacturer that was established in 2016 as a partnership between Nestlé and PAI Partners, a private equity company.

The Emirati sovereign wealth fund is working with advisers as PAI Partners seeks more funds to run Froneri, Bloomberg reported, citing people aware of the matter.

A possible deal could value the business at more than $10 billion, the report said.

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The joint venture owns brands such as Häagen-Dazs.

In 2013, PAI acquired UK-based R&R Ice Cream from Oaktree Capital Management and other investors. Three years later the company merged with Nestle’s European ice cream business to create Froneri.

Last month ADIA’s wholly owned subsidiary Platinum Ivy teamed up with private equity companies CVC and Nordic Capital to offer £11.40 ($14.51) per share for Hargreaves Lansdown.

ADIA is the world’s eighth-largest sovereign wealth fund with assets under management of $968 billion, according to Global SWF.

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