Oaktree’s R&R Ice Cream buys Fredericks Dairies

The deal is conditional upon clearance from the Office of Fair Trading. The founding family will retain the Freezeserve cold storage and distribution business.

Oaktree Capital, which owns an 82% stake in the firm, put R&R Ice Cream up for sale more than a year ago. In March 2013, PAI partners was reported to be considering the asset. The sale could yield up to €1bn for Oaktree.

Company
Founded on the Italian Riviera in 1896 before moving to Ashton-in-Makerfield, Fredericks Dairies is an ice cream manufacturer. The company is licensed to make several branded ice cream products, including Del Monte and Cadbury's ice creams.

Fredericks Diaries has a factory at Skelmersdale in Lancashire. The manufacturer was the sole supplier of ice cream to the London 2012 Olympic and Paralympic Games.

People
Karim Khairallah is a managing director at Oaktree in London.

Advisers
Vendor - Rickitt Mitchell, Stuart Moss, Neil Mitchell (Corporate finance); Eversheds, Danny Hall, Alistair Cree (Legal).

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• Topics
• UK / Ireland
• Consumer
• Portfolio management
• United Kingdom
• Oaktree Capital
• Eversheds