R&R Ice Cream builds up warchest

By Elaine Watson

- Last updated on GMT

Related tags: Ice cream, Ice cream maker

R&R Ice Cream builds up warchest
R&R Ice Cream has raised €350m (£296.5m) through a private offering of senior secured notes due in 2017.

The offering had been raised from the €280m originally planned due to strong investor demand, said the firm.

“The net proceeds were used to refinance existing indebtedness and to pay fees and expenses in connection with the offering, with the remainder to be used for general corporate purposes and to finance potential acquisitions."

On the acquisition trail

Speaking to FoodManufacture.co.uk earlier this year, R&R chief executive James Lambert said more deals were on the cards following the recent acquisition of French ice cream maker Rolland.

“We will acquire more businesses. If you look at the European ice cream market, there are really only two players – Unilever and R&R – that are genuinely profitable and have the cash to invest. It is such a capital-intensive industry that scale really matters.

“The retail sector is consolidating fast, and retailers such as Aldi - our biggest customer - want to deal with fewer, bigger suppliers that can supply them in multiple markets across Europe.”

R&R Ice Cream was created in 2006 by Oaktree Capital Management, bringing together Richmond Ice Cream in the UK and Roncadin in Germany.

The firm – now the largest own-label ice cream manufacturer in Europe with a strong presence in the UK, Germany and France - posted profits of €74.5m (£63.1m) on sales of €507.8m (£430.1m) in the year to June 30, 2010.

Related topics: Frozen

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