Ferrero has entered into an agreement to acquire Wells Enterprises, the world’s largest family-owned and managed ice cream company. Le Mars, Iowa-based Wells, the maker of multiple ice creams brands, such as Blue Bunny, Bomb Pop, and Halo Top, is expected to generate approximately $1.7 billion in revenue this year.
Following the closing of the acquisition, Wells will operate as a standalone business under Ferrero’s ownership, maintaining its offices Le Mars, Iowa, and its production operations in Le Mars, Iowa; Henderson, Nev.; and Dunkirk, N.Y. Current Chief Executive Officer Mike Wells will serve in an advisory role, while Liam Killeen, current president of Wells, will assume the role of chief executive. The remainder of Wells’ leadership team will remain in place.
The two companies did not reveal the financial details of the deal, which, subject to customary closing conditions, is expected to close early next year.
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According to a statement released by Ferrero, the acquisition fits into its strategic growth ambitions for the ice cream category. In 2019 and 2021, Ferrero bought Spanish ice cream company ICFC in a two-stage deal.
“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,” says Executive Chairman Giovanni Ferrero. “Together, we have the power of one and are well placed to grow and compete in the ice cream market.”
“Ferrero’s brands and reputation for world-class quality are a perfect match with what has made Wells so successful―and we will be even better together going forward,” says Killeen.
