Tip Top deal signed with advice from top law firm
Tip Top deal signed with advice from top law firm, MinterEllisonRuddWatts
International dairy giant, Fonterra’s Tip Top ice-cream business will be acquired by global ice cream business Froneri through its Australian ice-cream subsidiary, Peter’s Ice Cream, after the key transaction documents were signed today.
Top law firm MinterEllisonRuddWatts advised Froneri, a joint venture between Nestle and PAI Partners, throughout due diligence, bidding and negotiations to finalise the agreement.
The deal sees two iconic businesses partner-up to deliver quality ice cream to its customers. There is a natural alignment between Froneri and Tip Top as they share many of the same values - innovation, quality and putting the consumer first.
Aaron Harvey, Chief Financial Officer of Peter’s Ice Cream in Australia commented: "The MinterEllisonRuddWatts’ team was excellent all through the process. Their experienced and pragmatic approach was very helpful in getting the deal across the line."
Head of the law firm’s Auckland Corporate division, Silvana Schenone says: " In a competitive process, with a number of bidders, we helped our client put together a winning bid, focusing on the critical aspects of the deal - but with a commercial and pragmatic approach. We are delighted to have worked alongside the team at Froneri to reach this excellent outcome."
Corporate Partner, Cathy Quinn adds: "The deal highlights the growth opportunities for iconic brands and proves the attractiveness of successful New Zealand businesses internationally."
Once the deal completes, Tip Top will join the Froneri business which is the third largest ice-cream company in the world, with presence in Australia, Europe, the Middle East, Asia, Latin America and South Africa.