Unilever has shelved plans to run a sales process intended to find a private equity buyer for its €15bn ice cream division and will instead focus on a push to spin off the unit in an independent listing. The consumer goods group announced in March that it would split off its ice cream business, and it attempted to drum up interest from buyout groups for the division, which includes brands such as Ben & Jerry’s, Magnum and Wall’s.
“What’s very specific about ice cream is the supply chain,” said an executive at one private equity firm that had explored a potential deal with Unilever, adding it was not clear how a buyout group could approach the business “differently to the current management”. They said that it would be difficult to make ice cream less of a seasonal product in Europe.
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