Froneri has announced it will acquire New Zealand-based ice cream business Tip Top from global dairy co-operative Fonterra. The deal is expected to go through by the end of the month.
Following the acquisition, the Tip Top name and its operations, including the Auckland based factory site at Mount Wellington will be maintained.
“We have always admired Tip Top, which is an iconic brand in New Zealand with a long 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,” said Ibrahim Najafi, CEO of Froneri. “Our customers are at the heart of our business and we intend to invest in the Tip Top brands, product, and manufacturing facility to ensure we continue to excite the market and New Zealanders with delicious high-quality ice cream made from fresh New Zealand milk and cream,” went on Najafi.
Froneri noted that the Tip Top business will continue to be led by the existing management team. The company offers products under several brands including Tip Top, Kāpiti, Trumpet, and Popsicle.
“As part of the Froneri family, we will benefit from Froneri’s scale and expertise, while continuing to maintain our commitment to our local heritage and our many loyal consumers in New Zealand and the wider Asian Pacific region. We are all very excited about the future holds,” said Kim Ballinger, managing director at Tip Top.