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Home / The Country

Tip Top sale: Fonterra sells ice cream company to dairy giant Froneri

NZ Herald
12 May, 2019 09:10 PM2 mins to read

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Tip Top's next master would be taking on one of New Zealand's strongest brands - and that master is likely to come from abroad, according to an advertising expert. / Video by Dean Purcell

Fonterra has sold Tip Top to global dairy giant Froneri for $380 million.

Froneri is a joint venture between PAI Partners and Nestle and is the second largest manufacturer of ice cream company in Europe.

The sale of Tip Top for $380 million represents a gain of around $100 million above book value, Fonterra said in a statement. The agreed settlement date is 31 May 2019.

Read more:

• Tip Top sale close to being finalised, report
• Tip Top sale a case of déjà vu for Fonterra's financial woes
• Fonterra maintains cone of silence on Tip Top sale talk

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Fonterra CEO Miles Hurrell confirmed the sale, saying it was a bittersweet moment for the New Zealand dairy giant.

"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 recognise and thank them for that.

"Tip Top has always listened to consumers and cared about their changing tastes, as well as their long-time favourites. An average of 340 serves of Tip Top are enjoyed every minute of every day.

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"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."

Froneri CEO Ibrahim Najafi says the Tip Top name and its operations, including the Auckland based factory site at Mount Wellington will be maintained.

The sale is part of Fonterra's review of its investment portfolio as it targets reducing debt by $800m.

Last year Tip Top generated $18-22 million in earnings before interest and tax on annual sales of about $150m.

Discover more

Business

Fonterra talks to small group of potential Tip Top buyers

20 Mar 12:34 AM

Listen: Fonterra - Getting basics right pays off

21 Mar 06:00 PM
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Fonterra is a towering disappointment. Why?

30 Apr 06:05 AM
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Tip Top sale close to being finalised, report

05 May 08:20 PM

Fonterra said that while Tip Top had been performing well, it had reached maturity as an investment for the co-operative.

Tip Top has had several different owners over the years, after starting off as an ice-cream parlour in Wellington in 1936.

By 1962, its Mt Wellington plant had become the Southern Hemisphere's biggest ice-cream factory.

Two years later, Tip Top had expanded and a parent company - General Foods - was formed.

The company went to Goodman Fielder in 1987, Heinz in 1992, West Australia's Peters and Brownes in 1997, Kiwi Dairy Co in 2000, and to Fonterra in 2001.

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