哈根达斯，要被卖了！

Core Viewpoint - Goldman Sachs is preparing to acquire global ice cream manufacturer Froneri for €15 billion (approximately ¥120 billion), with Häagen-Dazs being a significant asset in this deal [2][4]. Group 1: Acquisition Details - The acquisition will be executed through a newly established continuation fund by French private equity giant PAI Partners, allowing original limited partners (LPs) to choose between cash exit or rolling investment [4]. - If the agreement is finalized, Goldman Sachs will only gain regional operating rights for Häagen-Dazs in the US and Europe, excluding the Chinese market [4][5]. Group 2: Häagen-Dazs Historical Context - In 2001, General Mills acquired Häagen-Dazs from Diageo for $650 million. In 2002, Nestlé took over Häagen-Dazs' operations in the US from General Mills [4]. - In 2016, Nestlé and PAI Partners established the ice cream joint venture Froneri, and in 2019, Nestlé sold its entire US ice cream business to Froneri for approximately $4 billion, granting Froneri control over Häagen-Dazs and other core Nestlé brands [4][5]. Group 3: Current Market Situation - General Mills still retains global brand ownership of Häagen-Dazs and is responsible for operations outside North America, particularly in China [5]. - Reports indicate that General Mills is considering selling its Häagen-Dazs stores in China for several hundred million dollars, with discussions still in preliminary stages [5][6]. - Häagen-Dazs in China has seen a significant decline in store numbers, dropping from over 400 to 247 in less than two years [7]. Group 4: Financial Performance - General Mills reported net sales of $4.8 billion (approximately ¥34.8 billion) for Q3 of fiscal year 2025, a 5% year-over-year decline, with net profit down 7% [6]. - The international market, including China, saw a 3% decline in net sales, attributed to revenue drops in China and Brazil, contributing to a 15% decrease in General Mills' stock price this year [6]. Group 5: Competitive Landscape - The Chinese ice cream market is experiencing a shift with the rise of local brands, leading to a new brand iteration phase. Gelato is projected to grow by 10% in 2024, reaching a market size of over ¥12 billion [9]. - The emergence of new tea and coffee brands is diverting market share away from Häagen-Dazs, as consumers now have more leisure options beyond Häagen-Dazs stores [9].