THe Yorkshire-based ice cream brand Froneri has agreed to acquire the New Zealand ice cream business Tip Top from global dairy co-operative Fonterra for around £192m.
Froneri was formed as a joint venture between North Yorkshire-based R&R Ice Cream, owned by PAI Partners, and Nestle in 2016.
Fonterra is a global dairy nutrition company which is owned by 10,000 farmers and their families in New Zealand. The deal is expected to be completed by the end of the month.
Commenting on the deal, Froneri’s CEO Ibrahim Najafi explains: “We have always admired Tip Top, which is an iconic brand in New Zealand with a long proud history and we are looking forward to welcoming the team into Froneri. Our vision is to build the world’s best ice cream company; an important part of our strategy is to develop local market successes and roll them out across our other markets.”
The Tip Top name and its operations, including the Auckland based factory site at Mount Wellington will be maintained.
Mr Najafi added: “Our consumers are at the heart of our business and we intend to invest in the Tip Top brands, products and manufacturing facility to ensure we continue to excite the market and New Zealanders with delicious high-quality ice cream made from fresh New Zealand milk and cream.”
Froneri said the Tip Top business will continue to be led by the existing management team.
Commenting on future plans for the business Kim Ballinger, the managing director of Tip Top said: “As part of the Froneri family we will benefit from Froneri’s scale and expertise, while continuing to maintain our commitment to our local heritage and our many loyal consumers in New Zealand and the wider Asia Pacific region.
“We’re all very excited about what the future holds.”