Fonterra Co-op Group Ltd. sold Tip Top Ice Cream Co. Ltd. to U.K.-based ice cream and frozen food maker Froneri Ltd. for NZ$380 million, according to separate company announcements May 13.

New Zealand cooperative Fonterra, which acquired the brand in 2001, said Fonterra farmers will continue to supply milk for the Tip Top brand under the deal with Froneri.

Fonterra added that it will license its other ice cream brand, Kapiti Fine Foods Ltd., to Froneri but will retain ownership of the brand.

Froneri, which distributes ice cream products to 20 countries, was created in 2016 as a joint venture between Paris-headquartered private equity firm PAI Partners and Nestlé SA.

Froneri will acquire the Tip Top brand and its operations, including its Auckland-based factory. Tip Top employees will transfer to become part of Froneri, while the brand will continue to be led by its existing management team.

The deal is expected to settle May 31.