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Investor Relations

If you have any queries please contact Investor Relations

Q1 2016 results

In accordance with 4.15 of the indenture, here are our Q1 2016 results, released on 27 May 2016.

 

Nestlé and R&R to create Froneri, an ice cream and frozen food joint venture

Nestlé and R&R, a leading ice cream company based in the UK, have agreed to set up Froneri, a joint venture with sales of around CHF 2.7 billion in over 20 countries employing about 15,000 people. Froneri will be headquartered in the UK and will operate primarily in Europe, the Middle East (excluding Israel), Argentina, Australia, Brazil, the Philippines and South Africa. The new company will combine Nestlé and R&R’s ice cream activities in the relevant countries and will include Nestlé’s European frozen food business (excluding pizza and retail frozen food in Italy), as well as its chilled dairy business in the Philippines. The transaction is subject to employee consultations and the approval of regulatory authorities. Financial details are not being disclosed.

Paul Bulcke, Nestlé CEO: "This is an exciting growth opportunity in a dynamic category. Froneri will capitalise on complementary strengths and innovation expertise, combining Nestlé’s strong and successful brands and experience in ‘out-of-home’ distribution with R&R’s competitive manufacturing model and significant presence in retail."

Ibrahim Najafi, R&R Ice Cream CEO: "I am thrilled about the potential of Froneri and the opportunity for R&R to combine with the biggest and best food business in the world. R&R has gone from strength to strength in the last few years and the blend of people from the two organisations will create a leading team, ideally suited to drive future growth."

Frédéric Stévenin, Partner at PAI Partners: "Froneri, through the combination of Nestlé’s and R&R’s expertise, and the backing of PAI Partners, is a unique and exciting opportunity for further strong growth. We look forward to further leveraging our industrial approach to ownership and strong consumer expertise to support R&R in this new venture."

Luis Cantarell, Nestlé Executive Vice President Europe, Middle East and North Africa, will chair Froneri’s Board of Directors which will be composed of three senior Nestlé executives and three senior executives appointed by private equity firm PAI Partners, R&R’s owner. Ibrahim Najafi will be Froneri CEO. Nestlé and PAI will have equal equity interests in the joint venture.

 

YE 2015 package

Release of 2015 year end results

Our Bondholders Information pack including our annual report for the year ended 31 December 2015 can be found here.

R&R Ice Cream plc 2015 annual report can be found here.

R&R PIK PLC 2015 accounts can be found here. R&R PIK PLC, the company, does not have any material trading activities.

We held a conference call presentation of these results on Thursday 10th March at 3:15pm London time. For any questions please contact Investor Relations

Q3 2015 results

In accordance with 4.15 of the indenture, here are our Q3 2015 results, released on 27 November 2015.
We also held a conference call presentation of these results on Monday 30th November at 4:00pm London time. For any questions please contact Shirley Williams

Change of Auditor

R&R Ice Cream plc is pleased to announce that PricewaterhouseCoopers LLP has been appointed as its auditor with immediate effect.
The change to the Company’s auditor follows a competitive tender process overseen by the Audit Committee as part of its corporate governance.
KPMG LLP has been the Company’s auditor since 1998 and the Board would like to thank KPMG for its valuable service to the Company during that time.

R&R in talks with Nestlé to create ice cream joint venture in selected geographies

R&R, owned by funds controlled by PAI Partners, and Nestlé are in advanced discussions to set up a new joint venture covering ice cream based mainly in Europe and Africa.

The proposed joint venture will capitalise on the complementary strengths and innovation expertise of the two companies. It will combine Nestlé’s strong and successful brands and experience in ‘out-of-home’ distribution with R&R’s competitive manufacturing model and significant presence in retail.

R&R CEO, Ibrahim Najafi commented:

“We are pleased to be in talks with Nestlé and building on our 14 year history working together. We are excited about combining the respective talents of R&R and Nestlé’s people to drive further growth in this category. The vision of the proposed joint venture is to grow a unique consumer and customer focused ice cream business serving all channels, delivering innovative, high quality ice cream through investment in people, process and products. The ambition of the proposed joint venture will be to sell more ice cream through meeting and exceeding customer and consumer needs.”

 R&R will join the new proposed joint venture in its entirety. Nestlé will contribute its ice cream businesses in Europe, Egypt, the Philippines, Brazil and Argentina to the new proposed joint venture. It will also transfer its European frozen food businesses, excluding pizza.  This combination will give the proposed joint venture a presence in both developed and emerging markets across the northern and southern hemispheres in complementary channels.

Following conclusion of the talks, employee consultations and subject to approval from regulatory authorities, the new arrangements will be implemented in the course of 2016. Each partner will own an equal share of the new joint venture which will operate in more than 20 countries and employ more than 10,000 people. It is intended that the new proposed joint venture will be led by Luis Cantarell, current Nestlé Executive Vice President Europe, Middle East and North Africa, as Chairman and Ibrahim Najafi as CEO. The supervisory board will be composed from both Nestlé and PAI Partners, in equal proportions.

R&R and Nestlé have worked together successfully for the past 14 years, initially in the UK and Ireland and, more recently, in Australia and South Africa where R&R licences Nestlé brands. We are excited about the prospect of this transaction though in the meantime, it is business as usual for R&R. We have made good progress with the integration of Peters and Nestlé’s South African business and intend to continue to maintain our rigorous focus on delivering above and beyond.

For further information please contact:

Andrew Honnor

Greenbrook Communications

Office +44 20 7952 2000

Q2 2015 results

In accordance with 4.15 of the indenture, here are our Q2 2015 results, released on 28 August 2015.

Q1 2015 results

In accordance with 4.15 of the indenture, here are our Q1 2015 results, released on 29th May 2015.

YE 2014 Package

Release of 2014 year end results

Our Bondholders Information pack including our annual report for the year ended 31 December 2014 can be found here.

R&R PIK Plc 2014 accounts can be found here.
R&R PIK Plc, the company, does not have any material trading activities.                       

Q3 2014 results and presentation

Q3 2014 package and presentation

In accordance with 4.15 of the indenture, here are our Q3 2014 results, first released on 28th November 2014.
We also held a conference call presentation of these results on Tuesday 9 December at 3:30pm London time. For any questions please contact Vicky Henry
 

Q2 2014 results and presentation

Q2 2014 package and presentation

In accordance with 4.15 of the indenture here are our Q2 2014 results, first released on 29th August 2014.
 
We also held a conference call presentation of these results on Wednesday 3rd September at 3:30pm London time. For any questions please contact
Shirley Williams

R&R announces the retirement of James Lambert

14 July 2014 - R&R Ice Cream (“R&R” or “the company”), a leading European ice cream manufacturer, is today announcing that James Lambert has decided to retire from his role as non-executive Chairman of the company.

After a life-long commitment to the company he co-founded in 1987, James intends to pursue other interests. His retirement follows a period of transition which saw him step down from his role as CEO in the summer of 2013 whilst retaining the role of Chairman. He will remain a significant shareholder in the company.

Over the last 26 years under James’ tenure, R&R has become the second largest take-home ice cream manufacturer in Europe and the largest private label ice cream manufacturer in the region. James had planned his succession with Ibrahim Najafi, before the acquisition of the business by PAI, and Ibrahim, previously CEO Europe and COO of the company, became CEO of R&R Ice Cream in July 2013.

Ibrahim Najafi, CEO of R&R, said:
“James leaves the company in a very strong position; as a co-founder, he was instrumental in developing the business from the very start, making it one of the leaders in the European ice-cream market. It has been a pleasure working with him over the last 16 years and we wish him all the best in his new endeavours.”

“I know that I speak for everyone who has worked with James at R&R that it has been a great experience working with, and learning from him. James is one of life’s natural entrepreneurs and I am sure that he will make a huge contribution to the businesses that he works with in the next phase of his career”

James Lambert said:
“After 26 years with the company I co-founded, I feel now is the right time to complete the handover of the reins to Ibrahim and his team as they look to pursue R&R’s growth over the coming years. They know the business extremely well and are the right people to take the business forward. I look forward to pursuing new interests but will keep a close relationship with the company as a significant shareholder.”


Colm O’Sullivan, Partner at PAI Partners, said:
“We would like to thank James for all his work at the helm of R&R over the last 26 years; he has been absolutely central to the success of the company and leaves R&R in very good hands.”

 

Launch of €255m SSNs

R&R ICE CREAM ANNOUNCES LAUNCH OF OFFERING OF €255.0 MILLION (EQUIVALENT) SENIOR SECURED NOTES DUE 2020

The full press release can be found here.
An updated version of our Recent Developments, Risk Factors and MD&A can be found here.

Q1 2014 Package and Presentation

Q1 2014 package and presentation

In accordance with 4.15 of the indenture here are our Q1 2014 results, first released on 30th May 2014. We shall not be holding a conference call or presentation of these results since our latest presentation (of the year ended 2013 results) was less than a month ago and some guidance was provided then.

Launch Press Release

The full press release can be found here.

An updated version of our commentary for the year ended 31st December 2013
can be found here.

We shall be holding a conference call and presentation in connection with the Senior Secured Notes Refinancing at 12:30 London time on Wednesday 7th May, 2014.
Dial-in: +44 (0) 1452 554 265
ID: 41425080

The presentation will be uploaded to the website netroadshow.com
shortly before the call. The password is R&R1.

YE 2013 Package

Release of 2013 year end results

Our Bondholders Information pack including our annual report for the year ended 31 December 2013 can be found here. Please note this information pack was originally uploaded on 30 April 2014, and an updated version was uploaded on 6 May 2014.


R&R PIK Plc 2013 accounts can be found here.

R&R PIK Plc, the company, does not have any material trading activities.

Q3 2013 Package & Presentation

Q3 2013 package and presentation

In accordance with 4.15 of the Indenture, our Q3 2013 results, as distributed to our bondholders on 29 November 2013, can be found here.


We also held a conference call presentation of these results on Thursday 5th December 2013. For any questions please contact Shirley Williams

Tesco 4 Chocolate & Nut Ice Cream Cones Recalled

Tesco 4 Chocolate & Nut Ice Cream Cones Recalled

Q2 2013 package

Q2 2013 package

Q2 2013 package and presentation

In accordance with 4.15 of the Indenture, our Q2 2013 results, as distributed to our bondholders on 29 August 2013, can be found here.

We also held a conference call presentation of these results on Thursday 5 September 2013.

Crossgates statement

Further to our earlier announcement, a spokesperson for R&R Ice Cream has confirmed that, following detailed discussions with the consultative group which represents the whole workforce at its Crossgates factory in Leeds, the decision has been taken to close the site at the end of the year.

“Since a review of the site’s future was announced on April 29th, the elected consultative group has met regularly to examine all possible alternatives to closure. To help with this process, detailed information has been provided by the company on the proposals put forward and their financial implication.

“The consultative group has now confirmed that it agrees with the company’s assessment that the proposed closure of the factory is the only viable financial option.

“There will be no loss of jobs to Yorkshire as this is a re-deployment with all staff being offered jobs at R&R’s Leeming Bar site in North Yorkshire.”

R&R confirmed the next phase of talks with the consultative group would include possible ways of assisting employees to travel from Leeds to Leeming Bar such as providing transport.

When launching the consultation at Crossgates, R&R stated that, although some £23 million had been invested in the site over the years, the fabric of the buildings is now in need of considerable investment. In addition, the area is now increasingly residential in nature which means it is becoming much more difficult to manufacture without upsetting residents.

R&R Ice Cream acquired the Crossgates site from Treats Ice Cream after that business merged with what was then Richmond Ice Cream. 135 people are currently employed at the site on an established basis.

PAI PARTNERS COMPLETES ACQUISITION OF R&R ICE CREAM

PAI Partners (“PAI”), a leading European private equity firm, today announced the completion of its acquisition of R&R Ice Cream from Oaktree Capital Management L.P., which was previously announced on 29th April. Since that announcement, R&R has also acquired Fredericks Dairies Limited’s ice cream business in the UK.

Founded in 1985, R&R is headquartered in North Yorkshire and is Europe’s leading supplier of own-label ice cream with a strong branded portfolio including Nestlé, Skinny Cow, YooMoo frozen yoghurt, Kelly’s of Cornwall and Disney. The Fredericks acquisition will further enhance the company’s branded offering with the addition of brands such as Cadbury, Del Monte and Vimto.

Both acquisitions were approved by regulatory authorities and gained full consent from existing bondholders. As part of the acquisition, R&R successfully raised €253 million five-year Senior PIK Toggle Notes alongside €350 million existing Senior Secured Notes.

PAI will support R&R through its next phase of growth, investing in the expansion of the company’s international footprint and renowned consumer brands.

Additionally R&R has announced an organisational change, with current Chairman and CEO, James Lambert OBE becoming Chairman and Ibrahim Najafi promoted to Group CEO. Speaking of the promotion, James Lambert OBE said: “Ibrahim is one of the best managers in the food industry today and his skill, dedication and hard work have played a major part in R&R’s success to date. I could not be happier that I have such an able successor to continue to grow and lead such a fantastic and successful company”.

Ibrahim Najafi joined the company in 1998 and was appointed to the Board in 2000. In 2009 he was promoted to CEO Europe and has since been responsible for the growth of the business in Germany Poland, France and Italy.

The consumer sector is one of PAI’s core target areas for investment, having successfully invested in leading food and consumer businesses including: Yoplait, one of the top 20 global consumer brands; United Biscuits, the largest biscuits manufacturer in the UK; and Chr. Hansen, a leading food ingredients supplier.

Fredericks Acquisition Completion

Further to our Fredericks notice below, R&R Ice Cream plc is pleased to announce the completion of the Fredericks acquisition.

Q1 2013 package

In accordance with 4.15 of the indenture here are our Q1 2013 results, first released on 30th May 2013. We shall not be holding a conference call or presentation of these results since our latest presentation (of the year ended 2012 results) was less than a month ago and some guidance was provided then.

YE 2012 Package

Release of 2012 Year End results

In accordance with 4.15 of the indenture, our Year End 2012 results, as distributed to our bondholders on 29th April 2013, can be found here.

We held a conference call presentation of these results with bondholders on Wednesday 15th May 2013. For any questions please contact Shirley Williams

PAI / Oaktree announcement

PAI Partners to acquire R&R from Oaktree

PAI Partners (“PAI”) today announced the acquisition of R&R Ice Cream Plc (“R&R”), a leading European ice cream manufacturer with a strong portfolio of own-label and branded products, from funds managed by Oaktree Capital Management, L.P. (“Oaktree”) and the other shareholders of R&R for an undisclosed sum. The transaction is subject to certain regulatory approvals and financing conditions. R&R’s senior management team will continue to lead the business and are investing in the company.

Founded in 1985, R&R is headquartered in North Yorkshire and is Europe’s leading supplier of own-label ice cream with a strong branded portfolio including Nestlé, Skinny Cow, YooMoo frozen yoghurt, Kelly’s of Cornwall and Disney. Most recently, R&R launched a range of Mondelez International brands including Milka, Toblerone, Daim, Oreo and Philadelphia across 10 European countries. Oaktree managed funds acquired Richmond Foods Plc in 2006 and subsequently merged it with German ice cream firm Roncadin to form R&R. Since 2006, R&R has acquired a number of ice cream businesses including Rolland and Pilpa in France, Durigon in Germany and Eskigel, Italy’s largest own-label ice cream manufacturer. Today, the company has 11 production sites across the UK and mainland Europe. Revenues for the year ending 31 December 2012 were approximately €600 million.

Earlier this month, R&R reached an agreement to acquire ice cream manufacturer Fredericks Dairies for £49 million, subject to competition clearance. Fredericks has the licence to manufacture ice cream and iced refreshment brands such as Cadbury, Barratt’s, Britvic, Del Monte, Vimto and has already launched new products under Mondelez’s Oreo brand.

PAI Partners will support R&R through its next phase of growth, investing in the expansion of the company’s international footprint and renowned consumer brands.

The consumer sector is one of PAI’s core target areas for investment, having successfully invested in leading food and consumer businesses including: Yoplait, one of the top 20 global consumer brands; United Biscuits, the largest biscuits manufacturer in the UK; and Chr. Hansen, a leading food ingredients supplier.

James Lambert, CEO & Executive Chairman at R&R Ice Cream, said: “We are very excited to be partnering with PAI and working together on our next phase of development as we continue with our growth strategy across our brands. We have benefitted immensely from working with Oaktree and I would like to thank them for their support.”

Colm O’Sullivan, Partner at PAI Partners, said: “R&R is a market-leading company with a strong portfolio of innovative products and excellent potential to expand in the UK and internationally. The food and consumer brands sector is a core area of investment focus and expertise for PAI and we are delighted to be investing in R&R. We look forward to working closely with the company’s management and supporting the company’s continued growth.”

Jim Van Steenkiste, Managing Director at Oaktree, said: “Our partnership with R&R has been very successful. We are delighted to have supported the company in achieving significant growth since our investment in 2006 and an enhanced market position. The company today is a leader in its sector and is well-positioned for future growth. We wish R&R every success in its new relationship with PAI.”

Barclays acted as sole financial advisor to Oaktree. Rothschild and Credit Suisse advised PAI Partners.

Crossgates announcement

R&R Ice Cream to review future of Crossgates, Leeds, factory

R&R Ice Cream has announced that the company is considering the future of its factory at Crossgates in Leeds.

A spokesperson said: “As part of this review it has been necessary to analyse factors such as operational capability, production and distribution costs in the UK and mainland Europe.

“One of the options being examined is the closure of the Crossgates site and transferring production to our other factory at Leeming Bar in North Yorkshire. Whilst R&R has been manufacturing at Crossgates since 1997 and has invested some £23 million in the site over the years in manufacturing plant and equipment, the fabric of the buildings is now in need of considerable investment. In addition, the area is now increasingly residential in nature which means it is becoming much more difficult to manufacture without upsetting residents.”

“We hope to avoid redundancies as there will be job opportunities at Leeming Bar for all staff working at Crossgates, should they chose to take them.”

“We are now commencing the statutory 45-day consultation programme with a view to reaching agreement on any proposed closure and mitigating the effects of any job losses.”

R&R acquired the Crossgates site from Treats Ice Cream after that business merged with what was Richmond Ice Cream. 135 people are currently employed at the site on an established basis.

Fredericks acquisition

R&R set to acquire Fredericks

R&R ICE CREAM SET TO ACQUIRE FREDERICKS DAIRIES IN £49 MILLION DEAL 

R&R Ice Cream, Europe’s largest own label ice cream manufacturer, has agreed terms to acquire all of the issued share capital of ice cream manufacturer Fredericks Dairies Limited (‘Fredericks Dairies’). R&R is paying £49 million for the business which achieved sales of €45 million in the year to August 31st 2012. The deal is conditional upon clearance from the Office of Fair Trading.

Fredericks Dairies, which has a factory at Skelmersdale in Lancashire, has the licence to manufacture popular ice cream and iced refreshment brands such as Cadbury, Del Monte, Vimto, Britvic and Barratt’s. Fredericks were the sole suppliers of ice cream to the 2012 Olympic and Paralympics Games.

The vendors – Frank and Philip Frederick – are keeping their Freezeserve cold storage and distribution business at Simonswood.

James Lambert, CEO and executive chairman of R&R Ice Cream, said: “I am very excited about acquiring this successful business whose popular licensed products will prove valuable additions to our branded portfolio. It will also enable R&R to extend its successful partnership with Mondelēz International into the UK. Fredericks is already launching a cone and 500ml super premium tub under the Oreo brand and this acquisition will allow us to accelerate this successful innovation programme alongside our popular Nestlé, Cadbury, Kelly’s and yoomoo brands.”