The Ferrero Group, the Italian confectionery firm, said it has agreed to buy Wells Enterprises, the world’s largest family-owned ice cream company, for an undisclosed sum.
Iowa-based Wells, whose brands include the Blue Bunny ice cream and the low-calorie Halo Top range, was founded in 1913 and produces more than 200mln gallons of ice cream per year.
Family-owned Ferrero, whose brands include Nutella, Kinder and the ambassador’s favourite Ferrero Rocher, said the acquisition is part of its strategic growth ambitions for the ice cream category.
It also continues Ferrero’s expansion in North America following on from the acquisitions of premium chocolate maker Fannie May in 2017, and the former Nestlé US confectionery business and Kellogg’s cookies and fruit snacks businesses in 2018.
“I am delighted that Wells has agreed to join the Ferrero Group,” said Giovanni Ferrero, executive chairman of Ferrero. “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 terms of the transaction, which is expected to close in early 2023, are not being disclosed.