PAI Partners Inks $1.1B Deal For UK Ice Cream Maker

Law360, New York (April 29, 2013, 5:24 PM EDT) -- Los Angeles investment firm Oaktree Capital Management LP has passed off R&R Ice Cream to new private equity owner PAI Partners in a sale worth €460.0 million ($711.3 million) plus outstanding debt, the U.K. target company said Monday.

The firms did not say how much debt PAI would take on as part of the transaction, but multiple estimates placed the total consideration, including debt, at $1.1 billion.

To help finance the acquisition, R&R — the largest private-label ice cream manufacturer in the U.K. — is planning...
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