ADIA scoops up chunk of Häagen-Dazs in $4.2 billion Froneri deal
The UAE’s largest sovereign wealth fund is ordering a large and luscious scoop of Häagen-Dazs.
Teaming up with Goldman Sachs, the Abu Dhabi Investment Authority is investing in U.K.-based Froneri, owner of the premium ice cream maker, signing a deal that values the company at around $17.6 billion. Froneri is a joint venture between European buyout firm PAI Partners and Swiss food giant Nestlé.
PAI said on Thursday it completed a $4.2 billion deal that creates a new ownership structure for its 50% stake in Froneri, with a subsidiary of the Abu Dhabi sovereign wealth fund becoming a “significant minority co-investor.” A corporate vehicle led by Goldman Sachs Alternatives is also taking part.
“Froneri is a leading global consumer business with strong prospects for the future, Hamad Shahwan Aldhaheri, Executive Director of ADIA’s Private Equities Department said.
“This transaction offers a compelling opportunity to support the company for its next phase of growth alongside experienced and proven partners.”
ADIA, which manages more than $1 trillion in assets, said last month that it plans to focus on private equity deals while diversifying its portfolio through alternative investments and private credit.
Besides Häagen-Dazs, which operates in more than 90 markets around the world, Froneri sells ice cream under the Oreo, Cadbury and Milka labels.