Ownership profile
Who owns Outshine?
Outshine fruit bars are owned by Dreyer's Grand Ice Cream, itself a subsidiary of Froneri — a joint venture between food giant Nestlé and private equity firm PAI Partners, which together hold approximately equal stakes; PAI Partners is a PE firm and an active co-owner, giving the brand meaningful private equity involvement.
Ownership profile
Outshine
Dreyer's Grand Ice Cream Holdings, Inc. (subsidiary of Froneri International Limited)
Evidence (8)
Outshine's parent company is Dreyer's Grand Ice Cream, confirmed repeatedly in 2026 recall announcements
https://www.cbsnews.com/news/outshine-fruit-bars-recall-glass-contamination-dreyers/PAI Partners' own portfolio page confirms Froneri acquired Nestlé USA's ice cream business (including Dreyer's/Outshine) in 2019/2020 as a PAI-backed transaction
https://www.paipartners.com/case-study/froneri/Froneri is a 50:50 joint venture between Nestlé and PAI Partners, with Nestlé retaining a 50% stake and no plans to exit Froneri as of February 2026
https://www.dairyreporter.com/Article/2026/02/20/nestle-to-sell-ice-cream-business-as-froneri-jv-gains-strength/In October 2025, PAI Partners restructured its ~50% Froneri stake through a €3.6 billion equity transaction, welcoming ADIA as a minority co-investor and a Goldman Sachs Alternatives continuation vehicle, while PAI remains a controlling co-owner
https://www.paipartners.com/mediaitem/pai-partners-completes-a-e3-6-billion-equity-transaction-to-reinvest-into-froneri-including-significant-co-investment-from-adia-and-new-single-asset-continuation-vehicle-led-by-goldman-sachs-alternat/In December 2019, Nestlé sold Dreyer's and its U.S. ice cream portfolio — including Outshine — to Froneri, a joint venture with PAI Partners, for $4 billion; the deal closed in January 2020
https://www.fooddive.com/news/after-divestiture-by-nestle-sales-heating-up-at-dreyers-grand-ice-cream/617953/Froneri Lux Topco S.à r.l. was established as the Luxembourg-domiciled ultimate holding company above Froneri in January 2020, per Dreyer's own group accounts
https://www.dreyersgrandicecream.com/uploads/2020_froneri_lux_topco_group_accounts_final_c9ff122dea.pdfThe Outshine brand was created in 2013 when Nestlé Dreyer's rebranded Edy's Fruit Bars under the Outshine name
https://www.prnewswire.com/news-releases/edys-fruit-bars-launches-new-outshine-brand-with-first-national-coconut-waters-bars-201018601.htmlWikipedia lists Froneri's owners as Nestlé (50%) and PAI Partners (50%), with Dreyer's as a subsidiary
https://en.wikipedia.org/wiki/FroneriWhat's uncertain
- The exact post-October-2025 equity split between PAI Partners, ADIA, and the Goldman Sachs CV within the ~50% PAI-side stake has not been publicly disclosed; PAI remains the lead PE co-owner.
- Nestlé holds the other ~50% of Froneri and is a listed public company (SIX: NESN), meaning Froneri is a hybrid structure — not purely PE-owned. PE involvement is scored 'influenced' rather than 'controlled' to reflect this dual ownership.
- Outshine brand-level legal entity name (e.g. separate trademark registration) not independently verified; brand operates under Dreyer's Grand Ice Cream Holdings.
- No privacy policy or terms of service for the Outshine brand specifically were reviewed; investigation relied on press, PE portfolio pages, and corporate filings.