Froneri, one of the world’s largest ice cream companies, has entered agreements to acquire the European ice cream business of Food Union.
The specific financial details are not being disclosed. The proposed transaction – subject to approval by the relevant regulatory authorities – would cover all Food Union markets in Europe: Denmark, Norway, Estonia, Latvia (except dairy), Lithuania and Romania, and is expected to close in the coming months.
Froneri CEO Phil Griffin said:
“Food Union has built a portfolio of locally loved brands which we plan to invest in to further develop the significant potential of the business. We look forward to welcoming the Food Union team to Froneri to support our ambition to be the world’s best ice cream company.”
Food Union’s ice cream business holds strong positions within each of its markets with nationally loved brands. The dairy business in Latvia is excluded from the transaction and the ownership of which remains unchanged.
Food Union Executive Chairman Soren Lauridsen:
“Froneri is the global benchmark in ice cream, and we’re delighted that our loved brands have found a perfect home with a truly world-class leader. Under Froneri’s stewardship, these brands will gain broader reach and the strengths of a global portfolio and capabilities, while preserving the local character and quality consumers love. We look forward to building the next chapter together.”
Froneri expects the partnership to create new growth opportunities as well as an opportunity to build on the commitment to providing high quality ice cream to all consumers. Froneri has confirmed that Food Union’s current management team will remain in charge of the business.