Credit: @NuiiIceCream / FacebookPAI Partners has restructured its shareholding in ice-cream group Froneri with a minority investment from the Abu Dhabi Investment Authority (ADIA). ADIA, which invests on behalf of the Abu Dhabi government, is acquiring a minority, undisclosed portion of PAI Partners’ 50% share via a wholly-owned subsidiary as a co-investor with the private-equity firm. Meanwhile, Goldman Sachs, via Vintage Strategies at Goldman Sachs Alternatives, is reinvesting in UK-based Froneri through a so-called single-asset continuation vehicle (CV). The combined transactions, described by PAI Partners as an “equity transaction to reinvest into Froneri”, are valued at €3.6bn ($4.2bn), according to a statement. In terms of the CV side of the transaction, PAI Partners said: “The CV constitutes one of the largest single-asset CV transactions in Europe to date.