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Blue Bunny manufacturer Wells scoops up Halo Top
Posted on Tuesday, 10 September 2019 09:59
Privately-held ice cream manufacturer Wells Enterprises is picking up popular brand Halo Top, which makes frozen sweat treats at less than 400 calories.
Financial terms of the deal were not disclosed and completion is expected before the end of this month.
However, in August 2017, Reuters reported on the possibility of a sale of Halo Top, suggesting the business hired Barclays to run a disposal that could be worth up to USD 2.00 billion.
The transaction expands Wells’ portfolio to five distinct brands and provides customers even more access to their favorite products.
Halo Top shot to fame in recent years as it provides consumers with a guilt-free ice cream option in a range of flavours at between 280 and 360 calories per tub.
Founded in 2011, the company’s frozen treats are available in sea salt caramel, peanut butter cup, cookie dough, birthday cake, red velvet and cinnamon roll, while also offering the first two mentioned tastes in a dairy-free option.
In recent months, Halo Top has announced two new flavours, both of which are vegan and themed around upcoming festivities over the autumn/winter period: pumpkin pie and peppermint ice cream.
The group reportedly generated sales upwards of USD 320.00 million in 2017, according to a report by the Los Angeles Times earlier this year.
Wells, in connection with the acquisition, has agreed to license Halo Top outside of the US and Canada to a new company that Doug Bouton, president of the target, plans to operate following completion.
Mike Wells, chief executive of the buyer, said: “We have the sales and marketing expertise, but more importantly the passion, to help grow this brand even further. We love ice cream and will leverage Halo Top’s brand equity and awareness to help grow it.”
The acquiror is the second largest ice cream manufacturer in the US, with its signature brand being Blue Bunny, while also operating Blue Ribbon Classics, the Original Bomb Pop and Chillycow.
Founded in 1913 by Fred Wells, the business produces over 200.00 million gallons of the creamy frozen product each year, distributed in all 50 states and employing some 4,000 people across the country.
The news comes days after Wells signed a purchase agreement with Unilever for a manufacturing plant in Nevada.
Closing of this deal is also expected by the end of this month.
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