Latham & Watkins has advised leading private equity firm PAI Partners (PAI) in connection with a strategic partnership with Nestlé. Under this joint venture for frozen pizza in Europe, Nestlé will transfer its European frozen pizza business to the joint venture. PAI, through its dedicated Mid-Market Fund (PAI MMF), and Nestlé will have equal shares in the joint venture and in respective boards. The transaction is subject to employee consultations and the approval of regulatory authorities. Financial details are not being disclosed.
Nestlé’s frozen pizza business spans several countries across Europe, with a turnover of around CHF400 million. Primarily marketed under the Wagner and Buitoni brands, Nestlé’s frozen pizzas are currently distributed in Germany, Italy, France, Spain, Switzerland, Portugal, Austria, Belgium, and The Netherlands. The joint venture will also license the Garden Gourmet brand for vegetarian and vegan pizzas in multiple European markets.
The Latham team was led by Munich partner Burc Hesse, with Munich partner Stephan Hufnagel, Frankfurt counsel Christina Mann, Munich associate Julia Schöfer, Frankfurt associate Annika Bilics, and Düsseldorf associate Ivo Wanwitz. Advice was also provided on IP matters by Frankfurt partner Susan Kempe-Müller, with associate Pia Sösemann; on tax matters by Munich partner Ulf Kieker, with associate Johannes Lieb; and on employment matters by Munich partner Tobias Leder, with associate Martina Hölzer. Additional advice was provided by Latham teams in Milan, Paris, and London.