The Leeming Bar-headquartered manufacturer has agreed to acquire the Noga Ice Creams Limited Partnership, subject to regulatory approval, entering the Israeli market for the first time.
Commenting on the deal, chief executive Ibrahim Najafi said: “We’re very excited to be building on the strengths of our existing joint venture with Nestlé. By entering Israel we’re continuing to realise our vision of becoming the world’s best ice cream company.”
“Our consumers are at the heart of our business and we intend to invest in the local brands, products and flavours that Nestlé has been exciting the market with for more than 20 years. We’re looking forward to welcoming the team into Froneri.”
Marco Settembri, Nestlé chief executive of EMENA, commended Froneri on its continued growth and global prominence in the ice cream market.
He added: “This milestone deal marks the final stage of the transition of our EMENA ice cream businesses into Froneri, further strengthening its presence in the region.”
Froneri’s acquisition of Noga came less than three months after it bought New Zealand manufacturer Tip Top Ice Cream from Fonterra in a deal worth $250m (£199m).
The manufacturer was formed in October 2016 as a joint venture between UK-based R&R Ice Cream and Nestlé. Froneri operates in 22 countries and employs more than 15,000 people with sales of more than €2.6bn (£2.3bn).
That same year also saw the ice cream maker take home the trophy for Dairy and Frozen Foods Manufacturing Company of the Year at the Food Manufacture Excellence Awards (FMEAs). Judges praised the progress made by the company’s Kelly’s of Cornwall brand in particular.
Meanwhile, to be in with a chance for your company to be named Frozen Foods Manufacturing Company of the Year, submit your entries for next year’s FMEAs.