Unilever has abandoned plans to sell its ice cream division with brands like Ben & Jerry's, Magnum, and Wall's to private equity investors. Instead, the consumer goods company is now pursuing a spin-off and independent stock listing of the division, which is estimated at up to 15 billion euros.

The spin-off of the ice division is part of a comprehensive restructuring plan by CEO Hein Schumacher, which also includes the elimination of 7,500 jobs – primarily in Europe. The segment, which accounts for about 16 percent of Unilever's total revenue, achieved a revenue growth of 9.8 percent in the third quarter of 2024, far exceeding analysts' expectations.

Schumacher repeatedly stated that a spin-off is the preferred way to create value for shareholders but emphasized that other options are also being considered. The separation is to be completed by the end of 2025.

Attempts to attract the interest of private equity investors failed due to the size and complexity of the business, as reported by people familiar with the process. The challenges range from supply chain logistics to the product's seasonal dependency and political controversies surrounding the Ben & Jerry’s brand, which recently filed a lawsuit against Unilever.

The supply chain for ice cream is very specific," said a representative of a potential investor. "It is unclear how a new owner could run the business differently from the current management.

Unilever has previously sold parts of its business to private equity groups, including the margarine division to KKR for 7 billion euros in 2017 and the tea business to CVC for 4.5 billion euros in 2021.

A person with knowledge of the process said that Donald Trump's recent election to the U.S. presidency could have "positive" effects on IPO plans, as the market for initial public offerings is now stronger.