HarbourVest among backers of single-asset deal on ice cream giant – updated

AlpInvest and Goldman Sachs join the investment firm in backing a process involving as much as €1.8bn in net asset value.

HarbourVest PartnersAlpInvest Partners and Goldman Sachs Asset Management have emerged as lead backers of a restructuring on PAI Partners‘ 2008-vintage fund, Secondaries Investor has learned.

Secondaries Investor reported in April that the Paris-headquartered buyout firm had appointed Evercore to look at restructuring options for PAI Europe V in a deal that could be worth as much as €1.8 billion. The fund has two remaining assets, with Froneri, the world’s third-largest ice cream manufacturer, accounting for a large majority of remaining net asset value.

Froneri was formed in 2016 as a joint venture between PAI portfolio company R&R Ice Cream and units owned by Swiss conglomerate Nestlé. It generated revenue of €2.6 billion in 2018, according to its annual report.

PAI Europe V raised €2.67 billion by final close in 2008 against a €2.5 billion target, according to PEI data. Investors include Canada Pension Plan Investment Board, Florida State Board of Administration and Ilmarinen Mutual Pension Insurance Company.

This is the second single-asset deal carried out by PAI. In July last year, Secondaries Investor reported that the firm was exploring options for its 2004-vintage Fund IV. Landmark Partners was lead investor on the deal, which involved Swedish chemicals maker Perstorp being moved into a separate vehicle managed by PAI and backed by secondaries capital. It is understood to have not used an advisor.

PAI Partners, HarbourVest, AlpInvest, Goldman Sachs and Evercore declined to comment.

– This story was updated to reflect that the deal is being co-led by HarbourVest, AlpInvest and Goldman.