Aureus, Inc., an Atlanta, Georgia, USA-based food brand development firm, has executed a binding letter of intent to acquire 67% of Yuengling’s Ice Cream Corp. This ownership stake is in addition to 33% of the Orwigsburg, Pennsylvania-headquartered company already under contract as part of the purchase of Yuengling’s Ice Cream Online (YIC).
The transaction will be executed in three tranches, of which 5.5% has already been acquired. The second ownership stake of 18.5% is scheduled to be secured within the next few weeks, with the final tranche obtained within 60 days following the closing date.
Upon completion, Aureus personnel will have a majority on the board of directors and assume the positions of executive officers of Yuengling’s Ice Cream Corp., where they will assist in the day-to-day management, operations, and finances of the company.
“We are humbled to continue the 65-year-old Yuengling Family tradition of marketing and delivering a premium ice cream brand that truly stands the test of time,” said Everett Dickson, chief executive officer of Aureus. “Our ownership position in the company provides us the ability to launch our strategic marketing plans and new products for the brand.”
“We couldn’t be more honored to be working with, and to have the opportunity to acquire a gourmet ice cream brand that has truly stood the test of time,” added Dickson. “Yuengling’s Ice Cream is built on a strong foundation of tradition in central Pennsylvania. With YIC Online, consumers around the nation can order online and enjoy the traditional flavors of Yuengling’s Ice Cream delivered to their door. We are confident in our ability to continue the legacy and enhance the reach of the brand.”
Rich Ice Cream, Rich History
The company began making ice cream in 1920 when Frank D. Yuengling, president of D.G. Yuengling & Sons Brewery, launched Yuengling’s Ice Cream to remain solvent after the prohibition of alcoholic beverages became law throughout the United States. In 1935, upon the repeal of the booze ban, Frank transferred ownership to son Frederick G. Yuengling, and from 1963 to 1985, Frederick’s eldest son, Frederick G. Yuengling, Jr., produced ice cream that was distributed regionally. In 2014, after nearly a three decade absence from store shelves, Frederick Jr.’s son, David Yuengling, and Rob Bohorad relaunched the Yuengling’s Super Premium Ice Cream brand through retail, wholesale and foodservice channels in and around Pennsylvania.
Since the relaunch, Yuengling’s Ice Cream has achieved record growth. The company surpassed its initial three-year sales goal during the first year on the market. According to national syndicated data, the brand is up 110% in dollar sales over the prior year.
All Yuengling’s brand ice creams are kosher, PA Preferred, containing 14% butterfat and 80% overrun. Among permanent offerings are Black & Tan (a swirl of rich Belgian chocolate ice cream and salty caramel ice cream); Caramel Popcorn (featuring the taste of buttered popcorn ice cream with rich caramel swirls; Orange Cream (creamy, sweet Madagascar vanilla ice cream swirled with sweet orange cream and bits of real oranges); Butterbeer (buttercream and butterscotch ice cream with a butterscotch swirl; and Espresso Chocolate Chip (dark coffee ice cream with Espresso chocolate chips.
