Froneri

Froneri is a global ice cream manufacturer formed in 2016 as a 50:50 joint venture between PAI Partners (“PAI”) (via R&R Ice Cream) and Nestlé’s European ice cream business.

By 2025, it operated in 25 countries, generated over €5.5bn of annual revenue, and employed more than 12,000 people. Its portfolio spans branded and private label products, including Häagen-Dazs, Drumstick/Extrême, Oreo, and Cadbury/Milka.

PIN gained exposure through a GP-led restructuring of one of PAI’s European funds, with Froneri as a key asset. The investment thesis was that Froneri still had meaningful growth potential and that a longer hold period could unlock additional value versus an immediate sale.

Key drivers:

• Resilient, scalable platform: Strong market positions across multiple geographies in a defensible category.
• Supportive demand tailwinds: Premiumisation and at-home indulgence supported growth and pricing; ice cream has remained relatively resilient as an occasional “treat” category despite broader shifts in consumption (including the impact of GLP-1 “weight-loss” drugs).
• Multiple value-creation levers: Demonstrated ability to execute and integrate acquisitions alongside operational and supply chain improvement initiatives.
• Sponsor quality and access: Strong conviction in PAI’s ability to execute and compound value through a disciplined growth strategy.

Pantheon has a longstanding relationship with PAI, having backed several of its funds. This deep alignment reinforced our conviction in PAI’s ability to scale and unlock value in Froneri.

PAI’s strategy aimed to build Froneri into a scaled, brand-led platform by combining operational improvement with portfolio expansion:

• M&A and geographic expansion: Selective acquisitions to expand footprint and capabilities.
• Operational improvement: Manufacturing scale benefits, supply chain investment, and efficiency programmes.
• Product mix shift: Pushed into premium and snacking segments through innovation and licensing partnerships.
• Consistent approach: Continued focus on organic growth, cost discipline and selective consolidation.

In October 2025, PAI executed a €3.6bn equity transaction to restructure ownership of its ~50% stake in Froneri. PIN exited through this continuation event, achieving a 2.7 times return on invested capital and an internal rate of return (“IRR”) of 19%.