The Opinions Practice of Kroll Rendered a Fairness Opinion to PAI Partners in Connection with a €3.6 Billion Equity Transaction Involving Froneri

In October 2025, PAI Partners (“PAI”), a pre-eminent private equity firm, announced the successful completion of a €3.6 billion equity transaction and the establishment of a new ownership structure for its c. 50% stake in Froneri, the global pure-play leader in ice cream. As part of establishing the new ownership structure, a wholly owned subsidiary of the Abu Dhabi Investment Authority will become a significant minority co-investor in Froneri, alongside PAI and a new single-asset continuation vehicle (the “CV”). The CV constitutes one of the largest single asset CV transactions in Europe to date, led by Vintage Strategies at Goldman Sachs Alternatives.

Our Opinions Practice served as financial advisor to the funds and management companies of PAI and provided a fairness opinion in connection with the transaction.

 

About PAI Partners

PAI Partners is a pre-eminent private equity firm investing in market-leading companies across the globe. The firm has more than €28 billion of assets under management and, since 1994, has completed over 100 investments in 12 countries and realized more than €33 billion in proceeds from over 60 exits. PAI Partners has built an outstanding track record through partnering with ambitious management teams where its unique perspective, unrivalled sector experience and long-term vision enable companies to pursue their full potential – and push beyond.

 

About Froneri

Froneri is a leading global pure-play ice cream manufacturing company with a track record of operational excellence, a portfolio of iconic and much-loved brands and a significant presence across snacking markets in Europe, the U.S. and the rest of the world. The business was created in 2016 as a joint venture between PAI Partners and Nestlé and today is present in 25 countries, with annual revenue of more than €5.5 billion and over 12,000 employees worldwide.