Nestle has sold a clutch of brands in Italy to Germany-based frozen food group FRoSTA, the companies have confirmed.
Frosta has acquired Nestle’s La Valle degli Orti, Mare Fresco and Surgela brands for an undisclosed sum.
The agreement also sees Frosta attain a “multi-year” licence for various Buitoni frozen ready meals in Italy.
The deal was announced a month after the companies said they were in discussions over a possible transaction.
Nestle described the deal as a “preliminary agreement”, although Frosta said the brands would be formally transferred on 1 June.
The world’s largest food maker said Frosta was “the ideal partner” to “continue [the] development and promotion of the brands”.
The deal is the latest disposal Nestle has made in Italy. Last July, Nestle sold its Ore Liete biscuit brand to local business Tedesco Group. A month earlier, Nestle offloaded a range of Italian confectionery brands, including Rossana and Fluxes, to local candy maker Fida.