ADIA and Goldman Commit to Froneri at €15 Billion Valuation

Goldman Sachs and Abu Dhabi Investment Authority have injected new equity into Froneri, the ice‐cream maker behind brands such as Häagen‐Dazs, valuing the company at roughly €15 billion including debt. The €3.6 billion capital transaction reorganises PAI Partners’ 50 percent stake and brings ADIA on board as a significant minority co-investor.

PAI Partners, which initially backed Froneri alongside Nestlé, announced it would deploy the capital through a continuation vehicle led by Goldman Sachs Alternatives. That vehicle, which allows older fund assets to continue under new structures, received oversubscribed demand from institutional investors. Nestlé will maintain its roughly 50 percent share in Froneri after the transaction.

Froneri has transformed since its inception in 2016, when PAI’s R&R Ice Cream merged with Nestlé’s European ice‐cream operations. The company has built a global presence and now generates approximately $5.5 billion in annual revenue. Its market spread includes premium, snacking, and branded segments across Europe and beyond.

The continuation structure is a familiar tool in the private equity sector for preserving high-potential assets beyond the traditional fund life. In this case, PAI has used it to retain influence while enabling liquidity opportunities for early investors. Goldman’s participation signals confidence in Froneri’s underlying brand strength and growth trajectory. According to PAI, the capital will fuel organic expansion, operational efficiencies, and potential consolidation strategies.

As a player in the global ice‐cream sector, Froneri competes directly with Unilever’s Magnum unit and maintains a portfolio that includes Rowntree’s and other regional brands. Its growth has been supported by prior strategic acquisitions; for instance, it acquired Nestlé’s U. S. ice‐cream business in 2019 for about $4 billion.

PAI emphasises that the deal demonstrates investor appetite for consumer businesses with durable brand equity and global scale. Frédéric Stévenin, co-managing partner at PAI, remarked that this was “strong demand from both existing and new investors” and underlines the firm’s confidence in Froneri’s next growth phase. Phil Griffin, Froneri’s CEO, echoed that the transaction consolidates long-term alignment among stakeholders. From ADIA’s side, Hamad Aldhaheri described the transaction as “a compelling opportunity” to support a global consumer champion in partnership with seasoned investors.