Private equity firm PAI Partners is in the early stages of exploring options for Froneri, its ice cream joint venture with Nestlé that includes brands like Häagen-Dazs, including a sale of the business, according to a report by Bloomberg.

The report cites people familiar with the matter as revealing that the business could be valued at more than $10bn, with PAI also said to be considering an IPO.

According to Bloomberg's sources, PAI could launch a dual-track process for Froneri, which was founded in 2016 following the merger of Nestlé's European ice cream business with PAI-owned R&R. Nestlé subsequently sold its US over cream operation to Froneri for $4bn in 2019.

Nestlé and PAI each own about 50% of Froneri, with Nestlé reportedly set to retain its stake in the business.