Nestlé and PAI to create joint venture for frozen pizza in Europe

Nestlé will remain invested in this business and participate in future growth

Nestlé and private equity firm PAI Partners have agreed to set up a joint venture for Nestlé’s frozen pizza business in Europe, creating a dedicated player in a competitive and dynamic category. Swiss firm Nestlé will retain a non-controlling stake with equal voting rights alongside PAI Partners. The transaction is subject to employee consultations and the approval of regulatory authorities and is expected to close in the second half of 2023.

Nestlé’s pizza business spans several countries across Europe, with an annual turnover of around CHF 400 million. Pizzas are currently distributed under the Wagner, Buitoni and Garden Gourmet brands, including in Germany, Italy, France, Spain, Switzerland, Portugal, Austria, Belgium and The Netherlands.

The business will be headquartered in Germany and led by a strong and experienced management team. It will operate two manufacturing facilities, in Nonnweiler, Germany, and Benevento, Italy.

This partnership follows the creation of Froneri in 2016, a highly successful joint venture with PAI Partners. Today, Froneri is a global leader in ice cream with iconic brands and world class category expertise.

The proposed partnership will only cover Nestlé’s frozen pizza business in Europe. Nestlé’s leading pizza business in the United States is not part of the scope and remains integral to Nestlé’s frozen food operations there.

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