Unilever has shelved plans to run a sales process for its €15bn ice-cream division to private equity groups 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.