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Froneri, the ice cream joint venture of Nestle and R&R ice cream, has announced it has agreed to acquire the New Zealand ice cream business Tip Top from global dairy co-operative Fonterra for 380 million NZD ($250 million).
The Tip Top name and its operations, including the Auckland based factory site at Mount Wellington will be maintained as part of the deal, Froneri said. Tip Top offers single serve ice creams, ice cream tubs and ice lollies under its namesake brand, as well as the Kapiti, Trumpet and Popsicle banners.
Commenting on the deal, Fonterra CEO Miles Hurrell said: “Since we took ownership of Tip Top in 2001, a lot of work has gone into ensuring it remained New Zealand’s leading ice cream company. Over that time, we’ve had strong support from New Zealanders, and I want to recognise and thank them for that. Tip Top has always listened to consumers and cared about their changing tastes, as well as their long-time favourites. An average of 340 serves of Tip Top are enjoyed every minute of every day”.
Froneri CEO Ibrahim Najafi added: “We have always admired Tip Top, which is an iconic brand in New Zealand with a long proud history and we are looking forward to welcoming the team into Froneri. Our vision is to build the world’s best ice cream company; an important part of our strategy is to develop local market successes and roll them out across our other markets”.
The deal is expected to complete by the end of the month.
Source: Froneri / Fonterra
