Nestle and PAI Partners to form a joint venture.

Nestle, a multinational food and drink processing conglomerate corporation, and PAI Partners, a private equity firm that invests in market-leading companies, agreed to form a joint venture. Financial terms were not disclosed. "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," Marco Settembri, Nestle EVP and Chief Executive Officer Zone Europe.