The potential interest of private equity funds in Unilever's ice cream business is casting a spotlight on one of the industry's global players. According to Reuters, Blackstone and Clayton, Dubilier & Rice (CD&R) are reportedly evaluating a bid for The Magnum Ice Cream Company (TMICC), the spinoff of the Anglo-Dutch giant's ice cream operations. The new company, listed in London, Amsterdam, and New York only at the end of last year, is now the world's largest independent ice cream manufacturer. The separation from Unilever was intended to capitalize on a business with global brands and strong brand recognition, including Wall's, Cornetto, Magnum, and Ben & Jerry's.
According to sources familiar with the matter cited by Reuters, Blackstone and CD&R are in the early stages of analyzing the transaction and are closely monitoring the stock's performance on the stock market and sales during the summer season, a crucial period for the ice cream industry. The news immediately impacted the financial markets. TMICC shares jumped nearly 12% in the London trading session on May 15, reaching 1.260 pence. Since the beginning of the year, the stock has already gained 8,6%.
Unilever still holds a 19,9% stake in the company, but the group has already announced its intention to gradually reduce this stake over the next five years. Investor interest is also fueled by the financial results released for the first quarter of 2026. Under CEO Peter ter Kulve, organic volumes grew by 2,9%, compared to 1,4% in the same period of the previous year.
In the quarter, the group achieved revenues of €1,77 billion, with organic growth of 4,5%, confirming the annual sales growth forecast of between 3% and 5%, despite geopolitical tensions in the Middle East and the impact on energy and logistics costs. "Operational rigor is improving," Peter ter Kulve told analysts after the quarterly results, emphasizing that volume growth represents "a sign of quality" linked to investments in innovation and commercial execution.
According to data released by the company itself at the time of the spinoff, TMICC controls approximately 21% of the global packaged ice cream market, nearly double the 11% held by Froneri, the main competitor owned by Nestlé and the PAI Partners fund. The potential entry of private equity funds could usher in a new era for the group, in a global market where major brands continue to attract capital thanks to their ability to generate volumes, profit margins, and strong international presence.
