#USA #New York #Davidson Kempner #YSCO #Glacier

Davidson Kempner and Afendis Complete YSCO Acquisition

On January 8, 2025, Davidson Kempner Capital Management LP, a global investment firm, in partnership with Afendis Capital Management, finalized the acquisition of YSCO, an influential ice cream manufacturer in Europe. This strategic move is part of Glacier's ambition to expand its footprint in the global ice cream sector, solidifying its position as a leader in the industry.

The financial specifics of the transaction are undisclosed, but its impact is profound. Previously, Davidson Kempner had acquired Gelato d'Italia in 2022, a notable independent ice cream producer in Italy. Now, combining YSCO with Gelato d'Italia significantly enhances Glacier's market presence, creating one of the largest third-party manufacturers in the world, boasting revenues exceeding €600 million.

This merger is said to align perfectly with both companies' focus on innovation, operational efficiency, and exceptional customer service. YSCO collaborates extensively with numerous mainstream European retailers and leverages its capabilities to produce a staggering 200 million liters of ice cream annually, mainly within Europe.

Aiming for Global Expansion

The goal for Glacier extends beyond merely enhancing production capabilities. The leadership envisions utilizing the synergies from both YSCO and Gelato d'Italia to attract international brand owners, ultimately aiming to be the premier choice for third-party ice cream manufacturing globally. Through its commitment to rapid ideation and product launches, Glacier aims to transform how ice cream is produced and marketed.

Bert Van Nieuwenborgh, the CEO of YSCO, expressed enthusiasm about the acquisition, highlighting that it would propel YSCO's growth under the broader vision of Glacier. As Europe’s second-largest private label ice cream manufacturer, YSCO possesses expertise in large-scale production, which is set to synergize seamlessly with Glacier’s innovative methodologies. He remarked, “Together, we are well-positioned to lead the way in a rapidly growing and evolving market, delivering exceptional value to our partners and customers.”

Cem Karakaş, Chairperson of Glacier and Partner at Afendis, elaborated on the broader strategy: “This acquisition is a critical step toward establishing a robust framework for expansion in a fragmented European market. It leverages YSCO's strengths in long-run production and builds on the foundational success of Gelato d'Italia.”

About the Companies Involved

Davidson Kempner Capital Management is renowned for its over 40 years of investment management experience, focusing on fundamental investing through a multi-strategy approach. With approximately $37 billion in assets under management and teams across key global financial hubs, the firm has established itself as a formidable player in investment circles. More information about their operations can be found at www.davidsonkempner.com.

Afendis Capital Management specializes in investments in the food and pharmaceutical sectors, playing a pivotal role in fostering growth through strategic management and investment.

Glacier, as a global platform for ice cream investments, stands united with premier producers like YSCO and Gelato d'Italia. It aims to reshape the ice cream industry through its commitment to innovation and efficiency, aligning with brand owners and retailers on a global scale, which assists in driving growth and setting new industry standards.

This acquisition not only represents a turning point for YSCO and Glacier but also signals a transformative phase in the European ice cream sector, potentially changing the landscape for consumers and retailers alike.