NORTH Yorkshire ice cream manufacturer R&R Ice Cream is to be bought by private equity firm PAI Partners in a £716 million deal.

It will be bought from private equity company Oaktree Capital Management, which acquired the business in 2006, as well as the other shareholders of R&R.

R&R’s senior management team will continue to lead the Leeming Bar-based business and both have pledged to invest in the business, which recorded £500 million turnover in 2012.

It is Europe’s leading supplier of own-label ice cream and also makes Nestlé, Skinny Cow, YooMoo frozen yoghurt, Kelly’s of Cornwall and Disney branded products branded.