Froneri has agreed to acquired Nestlé (NESN) business Noga Ice Creams, launching into the Israeli market for the first time.
The deal, subject to regulatory approval, will bring all of Nestlé Europe, Middle East and Africa businesses under ownership of the Froneri group.
Froneri is itself part-owned by Nestle, as a joint venture formed with PAI Partners in 2016.
“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 CEO Ibrahim Najafi said.
“Our consumers are at the heart of our business and we intend to invest in the local brands, products and flavours that Nestlé has been exciting the market with for over 20 years.”
Noga’s current management team will continue to lead the business, with leading brands La Cremeria, Extreme and Cookilida remaining available.
Nestlé EMENA unit CEO Marco Settembrini described the deal as a “milestone” marking the final stage of the food giant’s EMENA’s ice cream business transition into Froneri.
No financial details of the transactions were disclosed.
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