At what enterprise value was FRONERI acquired in 2025?

During the acquisition of FRONERI by PAI PARTNERS / ADIA in 2025, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 3b - 100b EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the AgriFood industry currently tracks an average EBITDA multiple of 10.7x, providing a valuable benchmark for this transaction.

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. For comparison, the AgriFood sector currently shows an average EBITDA multiple of 10.7x. Join our community for free to access full valuation data and industry trends.

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 5b - 100b EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of FRONERI during the acquisition?

FRONERI's EBITDA is estimated to be in the range of 450M - 900M EUR. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

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/

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Home Database AgriFoodFRONERI

10/2025

FRONERI acquired by PAI PARTNERS & ADIA

UNITED KINGDOM Food Processing / Food Products EV 3b - 100b EUR

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 in 2024, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the AgriFood sector (10.7x).

-> 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.

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Historical Financials (EUR)

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2024

2023

Similar deals in Food Processing

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
11/2025	CAMLIN FINE SCIENCES	VINPAI	FRANCE	Ingredients
11/2025	INVESTCorporate	TREEHOUSE FOODS	CANADA	Food Products
10/2025	LT FOODS	GLOBAL GREEN EUROPE	HUNGARY	Food Products
10/2025	APETIT	FOODHILLS	SWEDEN	Food Products
10/2025	THE FERRERO GROUP	WK KELLOGG CO	UNITED STATES	Food Products
09/2025	NEWPRINCES GROUP	DIAGEO OPERATIONS ITALY	ITALY	Contract Bottling & Packaging
09/2025	A&M CAPITAL	ISLA DELICE	FRANCE	Food Products
09/2025	ADIA	CASA OPTIMA	ITALY	Ingredients
09/2025	ASSOCIATED BRITISH FOODS	HOVIS	UNITED KINGDOM	Bakery / Pastry
09/2025	AKSIA	IL FORNAIO DEL CASALE	ITALY	Bakery / Pastry

REFERENCES

Valuation range: EV 3b - 100b EUR

Revenue range: 5b - 100b EUR

EBITDA range: 450M - 900M EUR

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