Häagen-Dazs Parent Company to Reveal Goldman Sachs (GS.US) Investment: Potential $17.1 Billion Acquisition of Global Ice Cream Giant Froneri

We have learned from informed sources that Wall Street financial giant Goldman Sachs Group (GS.US) is likely to acquire the majority stake in Froneri, a well-known global ice cream manufacturer, for approximately €15 billion (approximately $17.1 billion) including debt. According to reports, this massive acquisition deal could be signed as early as September and would be led by Goldman Sachs Asset Management's "continuation vehicle" established by French private equity company PAI Partners.

Froneri was founded in 2016 as a joint venture between Swiss food and beverage leader Nestlé and private equity firm PAI, combining their ice cream businesses across Europe. In 2019, Nestlé sold its US ice cream business to Froneri for approximately $4 billion, giving the company control over Häagen-Dazs and other core brands.

Goldman Sachs and Nestlé have not responded to media requests for comment; PAI Partners and Froneri were also unable to be reached.

In this proposed large-scale acquisition deal, Goldman Sachs Asset Management will use cash to invest in the "continuation vehicle" established by PAI Partners to hold a significant stake in Froneri. From a macro perspective, Goldman Sachs is essentially "buying" or "acquiring" a large block of shares in Froneri ice cream giant.

From a legal and financial standpoint, Goldman Sachs is not directly buying shares from Nestlé/PAI but rather as an LP investing in the new fund, which will then buy Froneri shares. This move can be likened to a sweet deal within the continuation vehicle – Goldman Sachs takes over PAI's former flagship fund, adding a touch of Wall Street flair to the ice cream empire.

The "continuation vehicle" model refers to private equity managers transferring their star assets from an existing flagship fund to a new single or multi-asset fund before the original fund expires. The core objective is to provide liquidity for old LPs and allow the manager to continue controlling high-quality assets, waiting for further appreciation, while also introducing new institutions (such as Goldman Sachs) to take on primary capital investment.

This investment will be completed through PAI's "continuation vehicle," with Goldman Sachs Asset Management becoming the dominant investor in that fund. This move provides liquidity for PAI's original fund and allows PAI to continue holding high-quality Froneri assets long-term after the fund expires.

It is undeniable that Froneri, as a global ice cream manufacturer, possesses "strong brand + global network" attributes. The company dominates top-tier markets across 20+ countries, covering premium to mass-market price points with its comprehensive product line, and continuously expands through acquisitions. Goldman Sachs' investment in this deal essentially utilizes secondary private equity tools to lock down a growth-stable, brand-strong, and defensively attractive consumer asset type, while providing liquidity for PAI's old fund and extending holding periods.