RTPR Allen & Overy has advised private equity fund PAI partners, owner of R&R Ice Cream, on Romanian elements of its joint venture with Nestle to form a new entity which will be called Froneri. The joint venture covers markets in Europe, the Middle East, Africa, South America, and the Philippines, and will employ more than 15,000 people. Allen & Overy was global counsel to R&R Ice Cream on the deal, which is expected to close around the end of the year, subject to employee consultations and regulatory approval.
Stephen Lloyd, London Corporate PE Partner at Allen & Overy who led the team on the transaction, commented: "This deal brings together two of the world’s top ice cream companies in a highly complex and high value joint venture that will create a global leader, whilst realizing substantial synergies. This transaction is a further example of the trend for Private Equity to team up with trade to enhance value for both sets of stakeholders."
At the Romanian level the RTPR Allen & Overy team consisted of Counsel Loredana Chitu (Boeru), Associate Adrian Cristea, and Junior Associate Andrada Rusan.
"Such a huge deal is exactly what A&O is all about, combining global reach and local depth," said Loredana Chitu (Boeru)."Just to give some flavor on this, think of a due diligence report on Nestle covering 25 jurisdictions. We are very pleased to be part of such impressive success alongside our colleagues and PAI Partners."
Editor’s Note: After this article was published, Serbia’s Zivkovic Samardzic law firm announced that it had advised Nestle on Adriatic aspects the deal, and that Linklaters had advised Nestle on a global basis. The Zivkovic Samardzic team was led by Partner Ksenija Golubovic Filipovic, and Senior Associate Igor Zivkovski. "I would like to thank Verica Bozic Aljinovic, Head of Legal Affairs for Nestle Adriatic Region and everyone at Adriatic Market legal team," said Branislav Zivkovic, Zivkovic Samardzic Managing Partner. "Cooperating with both Nestle Adriatic and the Linklaters teams on this transaction was a remarkable experience."
In addition, Karanovic & Nikolic announced that it had advised R&R Ice Cream on Serbian law matters relating of the joint venture, working alongside global counsel Allen & Overy. The firm’s Belgrade-based team consisted of Partner Bojan Vuckovic and Associates Srdjan Dabetic and Stefan Antonic.
