Froneri Buys Tip Top

Froneri buys Tip Top.
   
Froneri buys Tip Top from Fonterra for $250 million.
   
Tip Top is New Zealand’s favorite ice cream.  Froneri is a joint venture between PAI Partners and Nestle.
   
Ibrahim Najafi of Froneri said: ‘We have always admired Tip Top, which is an iconic brand in New Zealand with a long proud history, and we are looking forward to welcoming the team into Froneri.  Our vision is to build the world’s best ice cream company.  An important part of our strategy is to develop local market successes and roll them out across our other markets.
   
Our customers are at the heart of our business, and we intend to invest in the Tip Top brands, products, and manufacturing facility to make sure we continue to excite the market and New Zealanders with delicious high-quality ice cream made from fresh New Zealand milk and cream.’ 
Kim Ballinger of Tip Top said: ‘As part of the Froneri family we will enjoy Froneri’s scale and abilities while continuing to support our commitment to our local heritage and our loyal customers in New Zealand and the wider Asia Pacific region.  We’re all excited about what the future holds.’
Miles Hurrell of Fonterra said: ‘Since we took ownership of Tip Top in 2001, a lot of work has gone into ensuring it remained New Zealand’s leading ice cream company.  Over that time, we’ve had strong support from New Zealanders, and I want to recognize and thank them for that.
Tip Top has always listened to customers and cared about their changing tastes, as well as their long-time favorites.  An average of 340 serves of Tip Top are enjoyed every minute of every day.  This came through in both the number and quality of bids we received. It’s a fantastic brand and as a result, we’ve secured a good price for our farmers and unitholders.
One of the big attractions for Froneri is the fact that Tip Top and Kāpiti ice cream both use fresh milk and cream, from New Zealand grass-fed cows.  We’ve signed an agreement with the new owners to supply milk which ensures that Fonterra farmers will continue to be part of the Tip Top story.  We will also keep full global ownership of the Kāpiti brand and will be licensing its use for ice cream to Froneri.  This means our popular Kāpiti cheese isn’t going anywhere. 
I get the strong connection New Zealanders have with Tip Top. It will be important for them to see that it’s in good hands.  It’s been a privilege being the guardians of Tip Top, but it’s time to hand the baton to new owners.  The well-loved brand needs continuing investment and focused ownership to be sustainable for generations to come. It’s not something we’re in a position to do right now.’
Tip Top began as an ice cream parlor in Wellington in 1936.  By 1962, it had the biggest ice cream factory in the Southern Hemisphere.  It kept right on growing, so in 1964 a parent company named General Foods was formed.  The company went to Goodman Fielder in 1987, Heinz in 1992, Peters and Brownes in 1997, Kiwi Dairy Co in 2000, and to Fonterra in 2001.
   
The Tip Top name and its operations, including the Auckland based factory site at Mount Wellington, will stay intact.
   
Rothschild and Minter Ellison are advisers to Froneri.  First NZ Capital and Chapman Tripp are advisers to Fonterra.

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