Ice cream giant behind Häagen-Dazs U.S. sees major backing from PAI Partners and Abu Dhabi Investment Authority**
Froneri, the global ice cream manufacturer known for owning the U.S. rights to Häagen-Dazs, has reached a new valuation of approximately €15 billion ($17.6 billion), including debt, following a fresh round of investment.
The €1.4 billion equity injection comes from private equity powerhouse PAI Partners and the Abu Dhabi Investment Authority (ADIA), according to people familiar with the transaction. The funding solidifies Froneri’s position as one of the world’s leading ice cream producers, with a broad portfolio that includes Nestlé-branded ice cream products and other well-known regional labels.
This latest deal follows a separate debt financing round earlier this year, which also contributed to the company’s €15 billion valuation. While specific terms of the investment were not publicly disclosed, sources indicate that PAI and ADIA are making strategic, long-term bets on the continued growth of premium consumer brands in the frozen dessert space.
Froneri has shown strong financial performance in recent years. In 2024, the company generated €5.53 billion in revenue and recorded a pretax profit of €433 million, marking a significant turnaround after years of restructuring and global expansion.
Founded in 2016 as a joint venture between Nestlé and PAI Partners, Froneri has grown rapidly through acquisitions and brand consolidation. It now operates in over 20 countries and employs more than 10,000 people. The company became the exclusive U.S. licensee of Häagen-Dazs in 2019, expanding its footprint in the lucrative North American market.
The new capital is expected to support further international expansion, product innovation, and operational efficiencies. Analysts suggest that the investment may also signal a potential IPO or strategic exit in the coming years, though Froneri has not commented on future plans.
This funding underscores continued investor appetite for resilient consumer brands, especially in sectors like food and beverage, where strong branding and premium positioning can drive long-term returns.
With deep-pocketed backers and a growing global presence, Froneri is poised to further solidify its status as a dominant force in the $90 billion global ice cream market.
