The Ferrero Group, a Luxembourg-based sweet-packaged food company, acquired Wells Enterprises, a Le Mars, IA-based ice cream company.
The amount of the deal was, subject to customary closing conditions and expected to close in early 2023, was not disclosed.
With the acquisition, Ferrero Group will expand its product range.
Founded by Fred H. Wells, Wells Enterprises produces more than 200 million gallons of ice cream per year and distributes products in all 50 U.S. states. The company manufactures its signature brand Blue Bunny, Halo Top, Bomb Pop, and Blue Ribbon Classics. Wells employs more than 4,000 people across the country, is headquartered in Iowa and operates two manufacturing plants in Le Mars, Iowa, a manufacturing plant in Dunkirk, New York, and a manufacturing facility in Henderson, Nevada.
Led by CEO Lapo Civiletti and Giovanni Ferrero, Executive Chairman, Ferrero Group is the company behind Nutella, Kinder, Tic Tac, and Ferrero Rocher and other iconic brands sold in more than 170 countries. It has more than 38,000 employees. The deal continues its expansion agenda in North America following the managed acquisitions of Fannie May (2017), former Nestlé U.S. confectionery business and Kellogg company’s cookies and fruit snacks businesses (2018). Ferrero’s North American footprint expansion has been further strengthened through its related parties, with the acquisition of Ferrara Candy Company (2017) – manufacturer and U.S. candy market category leader of well-loved brands Nerds, Trolli, Sweet-tarts and Black Forest. The company has also expanded its capabilities in the region, with a new Innovation Center and R&D Lab in Chicago, as well as two major expansions to its Bloomington, Illinois plant. Ferrero and its related parties now count more than 8,000 employees, 9 offices and 18 plants in North America.
FinSMEs
08/12/2022