Private Equity Group Acquires R&R Ice Cream
French private equity firm PAI Partners has acquired R&R Ice Cream, Europe’s largest own-label ice cream manufacturer.The business has been bought for an undisclosed sum from funds managed by Oaktree Capital Management and the other shareholders of R&R. The transaction is subject to certain regulatory approvals and financing conditions.
R&R’s senior management team will continue to run the business.PAI Partners said it will support R&R “through its next phase of growth, investing in the expansion of the company’s international footprint and renowned consumer brands”.James Lambert, CEO and Executive Chairman at R&R Ice Cream, said: “We are very excited to be partnering with PAI and working together on our next phase of development as we continue with our growth strategy across our brands”.
Colm O’Sullivan, partner at PAI Partners, said: “R&R is a market-leading company with a strong portfolio of innovative products and excellent
potential to expand in the UK and internationally. The food and consumer brands sector is a core area of investment focus and expertise for PAI and we
are delighted to be investing in R&R.”R&R has 11 production sites across the UK and mainland Europe. Revenues for the year ending 31 December 2012, were approximately €600m. It makes own label and branded products, including Nestlé, Skinny Cow, YooMoo frozen yoghurt, Kelly’s of Cornwall and Disney.
Most recently, R&R launched a range of Mondelez International brands including Milka, Toblerone, Daim, Oreo and Philadelphia across 10 European countries.