Europe’s largest own-label ice cream maker has banked a €400m (£349m) war chest to back its acquisition strategy and cement its position in the UK market.
Glacier, which supplies the likes of Tesco, Morrisons and Aldi, described the loan from a syndicate of banks as a “major milestone” in its path to rapid growth
Europe’s largest own-label ice cream maker has banked a €400m (£349m) war chest to back its acquisition strategy and cement its position in the UK market.
Glacier, which supplies the likes of Tesco, Morrisons and Aldi, described the loan from a syndicate of banks as a “major milestone” in its path to rapid growth, delivering a boost to both manufacturing capacity and innovation.
The company estimated it had achieved growth of more than 50% in the UK in 2025, driven by a strong programme of NPD and new listings.
Executive director Matt Frost told The Grocer the loan was a “pivotal moment” for the business, and would give the company the “firepower” to invest in capacity, innovation and strategic partnerships.
“The strong support from the lender community is a clear endorsement of our business plan and the long-term growth potential of the category,” he said.
“With this capital structure in place, we’re accelerating into our next chapter – exciting times are ahead.”
He added that the company was continually assessing the best ways to scale the business, including through acquisitions.
While dominated by Magnum and Froneri – which turn over €7.9bn and €5.5bn respectively – the ice cream market has a long tail of smaller producers. These could make suitable targets for any acquisition campaign by Glacier, which is the market’s third-largest player with around €600m in turnover.
Glacier was formed in 2024, when PE owner Afendis bought Belgian manufacturer Ysco. Rolling it into the new entity, called Glacier, Afendis combined it with previously acquired artisanal producer Gelato d’Italia.
The new company relies on Ysco’s long-run capabilities for the bulk of its work, with Gelato D’Italia now a centre for innovation and short, fast-turnaround runs. Between them, Glacier has over 50 production lines and produces 300 million litres of ice cream a year for both private label and co-manufacturing applications.“We work closely with retailers and partners and have an amazing team of people who turn emerging trends into new flavour combinations, formats and concepts quickly,” Frost said.
“We combine scale with real flexibility - taking ideas from concept to production in a matter of weeks. We’re also investing in technology to stay ahead, using AI to improve operational efficiency and increasingly to monitor social media trends, helping us and our customers anticipate and deliver the next big innovation faster than ever.”
The category has been the focus of significant innovation in recent years, as manufacturers respond to trends toward smaller portion sizes, more premium options, and the new snacking format of ‘bonbons’.
An increased consumer focus on health has likewise pushed new attention to ice lollies, and rich flavours like pistachio and peach have come into fashion.
And despite industry concerns over weight loss drugs – concerns which have contributed to Magnum’s rocky start to public life – Frost said the industry remained “remarkably resilient”.
“Consumers aren’t leaving the category - they’re choosing different formats within it, opting for smaller, single-serve and premium mini options instead of larger tubs. That shift is accelerating innovation in bite-sized treats and creating new headroom for growth.”
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