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Nestlé and PAI Partners are teaming up to form a joint venture business for frozen pizza in Europe. The former revealed it agreed to set up a JV company for the said business in the region.
While the Swiss food and beverage manufacturer confirmed its JV deal with the French private equity firm, they have not disclosed the financial details of their contract. The pizza business of Nestle in Europe is doing well, and this new agreement with PAI Partners will see it retaining a non-controlling stake in the JV with equal voting rights as its PEF company partner.
UK’s The Grocer reported that currently, Nestlé’s Pizzas are being distributed under the Garden Gourmet, Wagner, and Buitoni brands. The products are delivered to The Netherlands, Italy, Spain, France, Portugal, Germany, Belgium, Austria, and Switzerland.
With the partnership, Nestlé and PAI Partners decided to set up their JV company in Germany which will serve as the headquarter. They have assigned an experienced management team to run the business. They will be managing two production plants for the pizzas - in Benevento, Italy and Nonnweiler, Germany.
It was clarified that this JV deal is for Nestlé’s European bands only and will not affect its North American brands like the DiGiorno frozen pizza. Nestlé and PAI Partners’ joint venture has yet to be approved by the regulatory authorities and is expected to close in the latter half of this year.
"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’s executive vice president and chief executive officer zone Europe, Marco Settembri, said in a press release. “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."
PAI Partners’ managing partner, Frédéric Stévenin, 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 & Consumer.”
Photo by: Alan Hardman/Unsplash
