UK-headquartered ice cream giant Froneri has agreed to acquire Noga Ice Creams Limited, subject to regulatory approval.
Noga is part of the Nestlé-owned business Osem Group and means Froneri will be entering the Israeli market for the first time. The deal will now bring all of the Nestlé Europe, Middle East & North Africa (EMENA) ice cream businesses into the Froneri group.
Commenting on the deal, Ibrahim Najafi, CEO of Froneri said: “We’re very excited to be building on the strengths of our existing joint venture with Nestlé. By entering Israel we’re continuing to realise our vision of becoming the world’s best ice cream company.”
Froneri stated that the existing management team will continue to run the business.
Marco Settembri, CEO Zone Europe, Middle East and North Africa at Nestlé, commented: “With its continued growth and global prominence in the ice cream market, Froneri’s success speaks for itself. This milestone deal marks the final stage of the transition of our EMENA ice cream businesses into Froneri, further strengthening its presence in the region.”
Noga’s brands include La Cremeria, Extreme, Cookilida, Crunch and Gumigum.
Created in 2016 as a joint-venture between PAI Partners and Nestlé, Froneri is now the third-largest manufacturer of ice cream in the world and the number one private label producer. It is present in over 20 countries with revenues last year of €2.6bn.
NAM Impications:
- As the worlds third biggest ice cream brand, Fronteri cannot be ignored…
- NAMs had best reassess the new competitive landscape before making next moves…
