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According to a Financial Times report, Goldman Sachs is set to buy into ice cream company Froneri at a €15bn valuation including debt.

The deal would involve Goldman Sachs’ asset management division becoming the lead investor in a continuation vehicle established by French private equity firm PAI Partners, FT reported, citing sources ‘familiar with the matter’.

According to the report, the transaction could be agreed upon as early as September. It would be the second continuation deal for PAI’s investment in Froneri and would reportedly see PAI’s stake in the company shared between its latest flagship fund and the continuation vehicle.

Froneri was established in 2016 as a joint venture between R&R Ice Cream – acquired by PAI in 2013 – and Nestlé. In 2019, Nestlé agreed to sell its US ice cream business to Froneri in a $4 billion deal, with Froneri’s portfolio in the country now encompassing brands such as Häagen-Dazs and Oreo.

In its report, FT said its sources confirmed PAI has turned down approaches from rival buy-out firms who were interested in acquiring its stake in the ice cream maker. Nestlé would keep its own 50% stake under the deal, the sources said.

FoodBev has reached out to Froneri for comment.