Canadians in for R&R Ice Cream
A PRIVATE equity firm and pension funds from Canada have made preliminary bids for Yorkshire company R&R Ice Cream, according to reports.
It is understood that Onex Corp, Canada’s largest private equity firm, and two of the country’s biggest pension funds, Alberta Investment Management Corp (Aimco) and Ontario Teachers Pension Plan, are both in the running to buy R&R.
Northallerton-based R&R has recently been active in the acquisition market, purchasing Italian own label ice cream manufacturer Eskigel as well as German-based Durigon Gelato.
Any deal for R&R is expected to make it the biggest ever buy-out in history in the region, with a deal figure of around £700m being estimated.
Other bidders for R&R are understood to include buyout firms Apax Partners, Clayton Dubilier & Rice, and PAI Partners.
R&R, the second largest ice cream producer in the UK, makes ice cream products such as Fab ice lollies, and own label goods for Asda and Tesco.
Oaktree Capital owns 82% of R&R with management, including chairman James Lambert, controlling the rest.
A spokesman for R&R said the company did not wish to comment.
