ISRAEL – Global private label ice cream leader, Froneri has agreed to acquire Noga Ice Creams Limited, a Nestle-owned ice cream business in Israel for an undisclosed sum.
The move, which is subject to regulatory approval marks Froneri’s entry into the Israeli market with Nestlé’s unique brand portfolio and brand know-how.
The acquisition consolidates all of the Nestlé Europe, Middle East & North Africa ice cream businesses within the Froneri group.
“We’re very excited to be building on the strengths of our existing joint venture with Nestlé,” said Ibrahim Najafi, CEO of Froneri.
“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 over 20 years.
“We’re looking forward to welcoming the team into Froneri.”
As part of the deal, the existing management team at Noga Ice Creams will continue to lead the business.
Noga Ice Cream Limited Partnership operates as a subsidiary of Osem Group, which Nestle completely acquired in 2016.
Founded in 1996 and is headquartered in Shoam, Israel, Noga manufactures and distributes ice cream.
Popular brands under Noga, including La Cremeria, Extreme, Cookilida, Crunch and Gumigum, will continue to be available.
“With its continued growth and global prominence in the ice cream market, Froneri’s success speaks for itself,” said Marco Settembri, CEO Zone Europe, Middle East and North Africa, Nestlé.
“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, the third largest ice cream in the world in May acquired Fonterra’s Tip Top ice cream business for NZ$380 million (US$250.3 million).