Ferrero has agreed a deal to buy US firm Wells Enterprises, the maker of ice cream brands such as Blue Bunny, Blue Ribbon Classics, Bomb Pop, and Halo Top.
The Italy-based confectionery and biscuits giant stated that the acquisition was part of strategic growth ambitions for the ice cream category.
Wells Enterprises will remain a stand-alone business with its offices in Le Mars, Iowa and production operations in Le Mars; Henderson, Nevada; and Dunkirk, New York. After the transaction closes, Mike Wells, a member of the founding family and current Chief Executive, will serve as an adviser to support the transition. Current Wells President Liam Killeen will be named Chief Executive, and the existing leadership team will remain in place.
Mike Wells commented: “Ferrero is a like-minded company with a commitment to providing high-quality, premium sweet-packaged food products that bring joy to consumers around the world. This acquisition puts the business in the best possible hands, and I look forward to supporting the entire Wells team and Ferrero with the transition.”
Giovanni Ferrero, Executive Chairman of the Ferrero Group, added: “I am delighted that Wells has agreed to join the Ferrero Group. This represents a win-win partnership, bringing together ice cream experts and confectionery champions. Together, we have the power of one and are well placed to grow and compete in the ice cream market.”
The transaction is expected to close in early 2023. The terms of the deal were not disclosed.
