Froneri, the international ice-cream business co-owned by Nestlé and PAI Partners, is reported to be in talks to buy another business.

Just weeks after snapping up the Tip Top brand from New Zealand dairy giant Fonterra, Froneri is said to be in negotiations to acquire a company in Israel.

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The mooted deal would see Froneri acquire Noga, an ice-cream business that is part of Israel-based food manufacturer Osem, which is 100%-owned by Nestlé.

On Sunday, Israel-based business publication Globes cited unnamed sources who said an agreement is likely to be reached in the coming week.

just-food approached Nestlé and officials representing Froneri for comment.

A Nestlé spokesperson said: “In October 2018, as part of its business review, the board of directors of Osem informed its intentions to explore strategic options for its Noga ice cream business in Israel. This is process is still ongoing and we have nothing to announce at the moment.” 

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At the time of writing, Froneri had not returned the request for comment.

Osem acquired a 49% stake in Noga in 2003 from fellow Israeli food major Tnuva, a deal that took its ownership of the business to 100%. At that stage, Nestlé owned a 50.1% shareholding in Osem. After buying more shares in Osem, Nestlé acquired full ownership of the company in 2016.

According to the Osem website, its ice-cream arm manufactures and markets Nestle ice cream products, which include the brands La Cremeria, Joya, Extreme and Cookilida.

Nestlé and PAI Partners’-owned R&R Ice Cream set up Froneri in 2016. Froneri combined Nestle’s and R&R’s ice cream operations in Europe, the Middle East, Argentina, Australia, Brazil, the Philippines and South Africa. Markets including the US and Israel, however, were not part of the deal.