Froneri

A close-up of raspberry ripple ice cream

€41m

Realisation proceeds (Q3)

ICG Enterprise Trust initially invested alongside PAI Partners in 2013 and reinvested in 2019.

Froneri is one of the largest pure play ice cream manufacturers globally with expertise across brands, licenses and private label.

Froneri was ICGT’s largest company exposure at 31 July 2025, accounting for 2.7% of Portfolio Value.

High quality manager

PAI Partners has built Froneri (originally R&R) into a leading global ice cream manufacturer.

Strategy alignment

High-margin business model in a defensive sector.

Track record

Resilient earnings profile; strong EBITDA performance supported predominantly by Net Sales growth.

Source: ICG Enterprise Trust, as at 31 October 2025

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