Earlier in the week, an announcement was made by Froneri in which it stated that it has reached an agreement to complete the acquisition of Noga Ice Creams Partnership Limited, provided it receives regulatory approval.
As per reports, Froneri which is a joint venture between Nestle and PAI Partners will take its very first step into the Israeli markets, as Noga happens to be a part of Osem group which is owned by Nestle.
The CEO of Froneri, Ibrahim Najafi was very optimistic regarding the acquisition as he went on to say, “Building on the strengths of our pre-existing partnership with Nestle will only improve our relationship even further which is really exciting, Entering the Israeli market is yet another step towards realizing our vision of being the best ice cream maker all across the globe.”
In an official statement, Froneri went on to give confirmation that the business will continue to be led by its existing team.
The CEO of Froneri then went on to add, “We are really looking forward to working with the team of Nestle as it has been exiting markets all over the world with flavors, brands and local products for the past two decades, from our customers perspective, who are at the heart of our business, this is very appealing and we intend to invest in it.”
The CEO of Nestle’s Middle East, Zone Europe, and North Africa, Marco Settembri also gave a statement regarding the acquisition deal, in which he said, “Froneri’s growth speaks for itself, as its global prominence and continued growth is quite evident.”
Settembri further added, “ Speaking about our EMENA ice cream businesses into Froneri, this milestone deal marks the final stage in its transition, which will further help Froneri strengthen its position in the region.”