Nestlé and private equity firm PAI Partners will set up a joint venture for Nestlé’s frozen pizza business in Europe. Nestlé will retain a non-controlling stake with equal voting rights alongside PAI Partners, the company announced today. The transaction is subject to employee consultations and the approval of regulatory authorities and is expected to close in the second half of 2023. Financial details were not disclosed.
Nestlé’s pizza business spans several countries across Europe, with an annual turnover of around CHF 400 million (or EUR 408 million). Pizzas are currently distributed under the Wagner, Buitoni and Garden Gourmet brands, including in 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, Executive Vice President, Chief Executive Officer 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.”
Photo: Pexels (#2619967)