UK: R&R Ice Cream Acquires Fredericks Dairies
Fredericks Dairies has been sold for £49m to R&R Ice Cream. The family-owned business makes ice creams and lollies for major food brands including Cadbury, Del Monte and Britvic, and was the sole supplier to the 2012 London Olympics. Last year its sales were £45m.“I am very excited about acquiring this successful business whose popular licensed products will prove valuable additions to our branded portfolio,” said R&R Chief Executive James Lambert.
“It will also enable R&R to extend its successful partnership with Mondelez International into the UK. Fredericks is already launching a cone and 500ml super premium tub under the Oreo brand and this acquisition will allow us to accelerate this successful innovation programme alongside our popular Nestle, Cadbury, Kelly’s and yoo moo brands.”
The vendors – Frank and Philip Frederick – are keeping their Freezeserve cold storage and distribution business at Simonswood.
R&R put itself up for sale last year with PAI Partners understood to be winning the race to acquire the business in a deal which, before today’s acquisition, was expected to value the business at more than £850m. The company is one of the largest ice cream manufacturers in Europe and posted sales in excess of £400m last year.
R&R is currently 82%-owned by Oaktree Capital. Its management, led by co-founder and executive chairman James Lambert, own the rest of the group.