Nestlé is hoping to scrape private equity-style returns from its Haagen-Dazs tub. The Swiss giant will sell its U.S. ice cream unit to a joint venture with buyout firm PAI. CEO Mark Schneider may be tempted to splash out, says dasha_reuters.
Nestlé on Dec. 11 said it had agreed to sell its U.S. ice cream business to Froneri, its joint venture with private equity group PAI Partners, for $4 billion.In 2016, Nestlé and PAI Partners merged the Swiss consumer group’s European ice cream business in 20 countries and PAI-owned R&R to create Froneri, one of the world’s largest ice cream companies.
The transaction is expected to close in the first quarter of 2020. Nestlé said it will continue to manage its remaining ice cream businesses in Canada, Latin America and Asia.
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