Nestlé S.A., Switzerland, and R&R Ice Cream, a European ice cream processor, completed the transaction to create Froneri, a new joint venture in ice cream, frozen food and chilled dairy. Nestlé and PAI Partners will maintain equal equity interests in the joint venture.

Froneri will operate in 22 countries across the world, employing around 15,000 people. As announced in April, the company will be headquartered in the UK and will have sites primarily in Europe, the Middle East (excluding Israel), Argentina, Australia, Brazil, the Philippines and South Africa.

Froneri’s board of directors is chaired by Luis Cantarell, Nestlé’s executive vice president, Europe, Middle East and North Africa, and Ibrahim Najafi, formerly CEO of R&R, will be chief executive officer.