PAI-backed Froneri, an ice cream-focused joint venture Nestlé created in 2016 with PAI Partners, agreed to acquire the US ice cream business of Nestle for $4bn. "This is another milestone acquisition for Froneri as we drive towards becoming the world’s best ice cream company. We're delighted to be bringing such well-loved US brands into the Froneri family. The acquisition is testament to the strength and longevity of our relationship with Nestle. This partnership and the continued support of PAI Partners will be essential to ensuring we continue to delight consumers with innovative, high quality products in all markets," Ibrahim Najafi, Froneri CEO.