At what enterprise value was FRONERI acquired in 2025?

During the acquisition of FRONERI by PAI PARTNERS / ADIA in 2025, the transaction's Enterprise Value is estimated to be in the range of €10–25bn.

What was the EV/EBITDA of FRONERI when it was acquired by PAI PARTNERS / ADIA?

The estimated EV/EBITDA multiple for FRONERI is in the range of 15x - 25x.

What was the EV/Revenue multiple of FRONERI when it was acquired by PAI PARTNERS / ADIA?

The estimated EV/Revenue multiple for FRONERI is in the range of 2x - 6x.

When was FRONERI acquired by PAI PARTNERS / ADIA?

FRONERI was acquired by PAI PARTNERS / ADIA in 2025.

What was the revenue of FRONERI at the time of the deal?

The revenue of FRONERI at the time of the deal is estimated to be in the range of €1–10bn.

What was the EBITDA of FRONERI during the acquisition?

FRONERI's EBITDA is estimated to be in the range of €450–900M.

How is the data for the FRONERI acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the FRONERI deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.paipartners.com/mediaitem/pai-partners-completes-a-e3-6-billion-equity-transaction-to-reinvest-into-froneri-including-significant-co-investment-from-adia-and-new-single-asset-continuation-vehicle-led-by-goldman-sachs-alternat/

What is the average EV/EBITDA multiple for the AgriFood sector in 2026?

The average EV/EBITDA multiple for the AgriFood sector in 2026 is 11.0x.

← DATABASE

Home Database AgriFoodFRONERI

10/2025

FRONERI acquired by PAI PARTNERS & ADIA

UNITED KINGDOM Food Processing / Food Products EV €10–25bn

Context

PAI Partners completed a EUR3.6 billion equity transaction to transfer its 50% stake in Froneri from its older funds to a new single-asset Continuation Vehicle (CV). This allows PAI to extend its holding period and support further growth. The transaction was oversubscribed and led by Goldman Sachs Alternatives. ADIA (Abu Dhabi Sovereign Wealth Fund) entered as a significant minority co-investor. Nestle remains the owner of the other 50% of the joint venture. The deal follows a successful debt refinancing earlier in the year.

FRONERI, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of 15x–25x, representing a premium to the average currently observed in the AgriFood sector (11.0x).

-> Deep-dive in AgriFood market trends

Target

Froneri (Dreyer's, Häagen-Dazs et Drumstick, ...) is the second-largest ice cream manufacturer in the world (behind Unilever). Created in 2016 as a 50/50 Joint Venture between PAI Partners (R&R Ice Cream) and Nestle, the group has transformed from a European private label producer into a global branded powerhouse with EUR5.5 billion in revenue (2024). It operates in 24 countries.

Ent. Value

€10–25bn

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

15x–25x

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2024

2023

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Date	Acquirer	Target	Country	Sector
11/2025	NEXTURE	FRULACT	PORTUGAL	Ingredients
11/2025	CAMLIN FINE SCIENCES	VINPAI	FRANCE	Ingredients
10/2025	LT FOODS	GLOBAL GREEN EUROPE	HUNGARY	Food Products
10/2025	Aux Trois Cigognes	Biscuiterie La Mère Poulard	FRANCE	Bakery / Pastry
10/2025	APETIT	FOODHILLS	SWEDEN	Food Products
10/2025	THE FERRERO GROUP	WK KELLOGG CO	UNITED STATES	Food Products
09/2025	AKSIA	IL FORNAIO DEL CASALE	ITALY	Bakery / Pastry
09/2025	NEWPRINCES GROUP	DIAGEO OPERATIONS ITALY	ITALY	Contract Bottling & Packaging
09/2025	ASSOCIATED BRITISH FOODS	HOVIS	UNITED KINGDOM	Bakery / Pastry
09/2025	A&M CAPITAL	ISLA DELICE	FRANCE	Food Products

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
06/2026	PAI PARTNERS	ARLETTIE	FRANCE	Specialized Retail
05/2026	PAI PARTNERS	MECAER AVIATION GROUP	ITALY	Engines & Systems
10/2025	PAI PARTNERS	CYRUS	FRANCE	Wealth & Asset Management
08/2025	PAI PARTNERS	Innovad Group	BELGIUM	Animal Health
01/2025	PAI PARTNERS / ADIA	ALVEST	FRANCE	Aerospace, Naval & Defense
03/2024	PAI PARTNERS	BEAUTYNOVA	ITALY	Hygiene & Beauty Brands
07/2023	PAI PARTNERS	INFRA GROUP	BELGIUM	IT Services
06/2023	PAI PARTNERS	ECF GROUP	FRANCE	Hospitality Supplies
05/2023	PAI PARTNERS	LOOPING GROUP	FRANCE	Leisure Facilities
04/2023	PAI PARTNERS	EUROPEAN PIZZA GROUP (EPG)	GERMANY	Food Products

REFERENCES

Valuation range: EV €10–25bn

Revenue range: €1–10bn

EBITDA range: €450–900M

EV/Revenue range: 2x - 6x

EV/EBITDA range: 15x - 25x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of FRONERI by PAI PARTNERS / ADIA are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Acquirer: pai partners / adia

FRONERI acquired by PAI PARTNERS & ADIA

Context

Target

Multiples

Historical Financials (EUR)

Similar deals in Food Processing

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