The transaction is subject to certain regulatory approvals and financing conditions. R&R’s senior management team will continue to lead the business and are investing in the company.
R&R is headquartered in North Yorkshire, UK, and is Europe’s leading supplier of own-label ice cream.
Oaktree managed funds acquired Richmond Foods Plc in 2006 and subsequently merged it with German ice cream firm Roncadin to form R&R.
Earlier this month, R&R reached an agreement to acquire ice cream manufacturer Frederick’s Dairies for £49m, subject to competition clearance.
R&R Ice Cream CEO and executive chairman James Lambert said: “We are very excited to be partnering with PAI and working together on our next phase of development as we continue with our growth strategy across our brands. We have benefited immensely from working with Oaktree and I would like to thank them for their support.”
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