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Nestlé has agreed to set up a joint venture with PAI Partners for its European frozen pizza business. Nestlé’s pizzas are distributed under the Wagner, Buitoni and Garden Gourmet brands in several European countries, including Germany, Italy, France, Spain, Switzerland, Portugal, Austria, Belgium and The Netherlands. The business will be headquartered in Germany and will operate two manufacturing facilities, in Nonnweiler, Germany, and Benevento, Italy. Marco Settembri, EVP, CEO of zone Europe at Nestlé, said: "We took a thorough look at our European pizza business and concluded that partnering with PAI provides the best platform to develop its full potential. Nestlé will remain invested in this business and participate in future growth and value creation as the joint venture continues to provide the very best pizza for consumers and retail partners." In 2016, PAI and Nestlé entered into a JV and established Froneri, a global ice cream company which now operates in 24 countries. Frédéric Stévenin, a managing partner at PAI, added: "This transaction is testimony to our relationship with Nestlé and brings together Nestlé's iconic brands with PAI's depth of expertise in creating leaders in ‘Food and Consumer.’ We are delighted to once again partner with Nestlé to replicate our previous success." The proposed partnership will only cover Nestlé’s frozen pizza business in Europe, the company's US business is not part of the scope. Through the deal, Nestlé will retain a non-controlling stake with equal voting rights alongside PAI. Financial terms were not disclosed. You may also like to read:

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