PAI Partners has agreed to buy R&R Ice Cream from Oaktree Capital Management and the European ice cream group’s other shareholders.

The deal, for an undisclosed sum, remains subject to regulatory approval and certain financial conditions, PAI said in an announcement this morning (29 April). 

R&R senior management will remain with the company and will invest in the business.

In a recent interview with just-food, R&R CEO James Lambert outlined the company’s ambitious plans for growth. R&R intends to leverage its licencing deals with Nestle and Mondelez International to expand its branded portfolio, Lambert said.

Speaking after R&R’s deal to buy UK peer Fredericks Dairies for GBP49m (US$76m), Lambert added the group plans to be an active participant in the consolidation of the European ice cream sector.

In today’s announcement, PAI hinted it is prepared to invest in expanding R&R’s footprint and said the consumer sector is “one of PAI’s core target areas for investment”.

Colm O’Sullivan, partner at PAI, said: “R&R is a market-leading company with a strong portfolio of innovative products and excellent potential to expand in the UK and internationally. The food and consumer brands sector is a core area of investment focus and expertise for PAI and we are delighted to be investing in R&R. We look forward to working closely with the company’s management and supporting the company’s continued growth.”

Click here for just-food’s interview with R&R CEO James Lambert earlier this month.