哈根达斯，要被卖了

Core Viewpoint - Goldman Sachs is preparing to acquire Froneri, a global ice cream manufacturer, for €15 billion (approximately ¥120 billion), with Häagen-Dazs being a significant asset in this deal [1] 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 [2] - The deal is expected to be signed as early as September this year [1] Group 2: Market and Operational Rights - 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 [3] - General Mills retains global brand ownership of Häagen-Dazs and is primarily responsible for operations outside North America, especially in China [8][9] Group 3: Historical Context - General Mills acquired Häagen-Dazs for $650 million from Diageo in 2001, and in 2002, Nestlé took over its US operations [4] - In 2016, Nestlé and PAI Partners established the ice cream joint venture Froneri, which later acquired Nestlé's US ice cream business for approximately $4 billion in 2019 [6] Group 4: Performance and Challenges in China - General Mills is reportedly considering selling its Häagen-Dazs stores in China for several hundred million dollars, with discussions still in preliminary stages [10] - The company reported a decline in store traffic for Häagen-Dazs in China, with a two-digit percentage drop noted [10] - Häagen-Dazs stores in China have decreased from over 400 to 247 in less than two years, reflecting a significant reduction in presence [11] Group 5: Market Trends - The Chinese ice cream market is experiencing a shift with the rise of local brands, leading to a new brand iteration phase [13] - The market for Gelato is projected to grow by 10% in 2024, surpassing ¥12 billion, while emerging tea and coffee brands are diverting market share from Häagen-Dazs [13]