Wells Expands Brand Portfolio with Halo TopLe Mars, Iowa – September 9, 2019 — Wells Enterprises, Inc. has signed a purchase agreement with Eden Creamery, LLC to acquire the Halo Top® brand. This purchase expands Wells’ current portfolio to five distinct brands and provides consumers even more access to their favorite products. The sale is expected to be completed in September, subject to standard closing conditions. Financial terms of the deal are not being disclosed.
“Halo Top disrupted the ice cream category by providing a high protein, low sugar, low calorie dessert that gave consumers a reason to purchase ice cream as a treat again. Halo Top met a consumer need that no one else in the category was serving. We feel it is a good fit for the Wells portfolio as we look to broaden our offerings for consumers,” explained Mike Wells, CEO and President. “Wells has been making ice cream products for over 100 years. 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.”
Wells is the #2 ice cream manufacturer in the US with a strong house of brands including its signature brand, Blue Bunny®, along with private label and co-pack business. Customers and consumers can expect the same quality ice cream and frozen treats from Wells along with no interruptions in service to find their favorite Halo Top treats.
“We’re thrilled to join the Wells family. As Halo Top continues to mature, Wells’ expertise in everything from operations, to managing brands, to making ice cream products for over a century will help Halo Top become an even better product and stronger brand,” said Justin Woolverton, Founder & CEO of Halo Top. “On top of that, Wells simply does things the right way – something that has been at the forefront for us when looking at potential acquirers.”
In connection with the purchase, Wells also has agreed to license the Halo Top brand outside of the United States and Canada to a new company that Doug Bouton, President & COO of Halo Top, plans to operate after closing.
UBS Investment Bank acted as the financial advisor to Wells, with McDermott Will & Emery serving as legal advisor. J.P. Morgan Securities LLC acted as Halo Top’s lead financial advisor, with Barclay’s co-advising and LKP Global Law serving as legal counsel.
About Wells Enterprises
Wells Enterprises, Inc. is the largest privately held, family-owned ice cream manufacturer in the United States. Founded in 1913 by Fred H. Wells, the company is still proudly owned by the Wells family today.
Wells produces more than 200 million gallons of ice cream per year and distributes products in all 50 states. Wells manufactures its signature brand Blue Bunny®, the iconic Bomb Pop®, Blue Ribbon Classics® and Chilly Cow®.
Wells employs more than 4,000 ice cream aficionados across the country. The company is headquartered with two manufacturing plants in Le Mars, Iowa, a manufacturing plant in Dunkirk, New York, a manufacturing plant in Lakewood, New Jersey and recently announced the purchase of a manufacturing facility in Henderson, Nevada. As the world's largest manufacturer of ice cream in one location, Wells has made Le Mars the "Ice Cream Capital of the World.”