Deals
PAI Moves to Delay Exit From $10 Billion Nestle Ice Cream JV
- Buyout fund is exploring new continuation fund, stake sale
- PAI created Froneri in 2016 by merging R&R with Nestle brands
The Froneri business, which includes popular brands like Haagen-Dazs, already sits in PAI’s Continuation Fund V, which was launched in 2019.
Photographer: Denis Charlet/AFP/Getty Images
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European private equity firm PAI Partners is in talks with investors about a new fund to hold its 50% stake in its ice cream joint venture with Nestle SA, according to people familiar with the matter.
PAI is working with a bank to test investors’ appetite for a so-called continuation fund that would help it extend the lifespan of its investment in the Froneri ice cream business, the people said, asking not to be identified as the information is confidential. A deal could value Froneri at about $10 billion, one of the people said.