The Ferrero Group on December 7 announced an agreement to acquire Wells Enterprises, which ranks as the No. 2 producer of ice cream and frozen novelties in the United States after Unilever. Among the Le Mars, Iowa-based company’s brands are Blue Bunny, Blue Ribbon Classics, Bomb Pop and Halo Top.
The deal is part of Ferrero’s strategic growth ambitions for the ice cream category and Wells’ vision for accelerated growth. Both parties are family companies with extensive confectionery and ice cream experience, quality products, proud heritage and a strong portfolio of popular brands.
Ferrero, which started in 1946 as a small pastry shop in Alba, Italy, has grown to become a global leader in sweet-packaged foods, including confectionery, biscuits, ice cream and better-for-you-snacks. Its brands include Nutella, Kinder, Tic Tac and Ferrero Rocher.
Founded in 1913 as a dairy delivery wagon business, today
Wells Enterprises is the world’s largest family-owned and managed ice cream company. It will remain a stand-alone business with main offices in Le Mars and factories in Iowa, Nevada and New York.
After the purchase closes, Mike Wells, a member of the founding family and current chief executive officer and chief engagement officer, will serve as an adviser to support the transition and maintain his active role in the Le Mars community. Current Wells President Liam Killeen will be named chief executive officer, and the existing leadership team will remain in place.
“We are a 100-year-old company focused on adapting for the next 100 years,” said Wells. “Ferrero is a likeminded company with a commitment to providing high quality, premium sweet-packaged food products that bring joy to consumers around the world. This acquisition puts the business in the best possible hands, and I look forward to supporting the entire Wells team and Ferrero with the transition.”
This deal continues the Ferrero Group’s expansion agenda in North America following the successfully managed acquisitions of Fannie May in 2017, former Nestlé US confectionery business and Kellogg company’s cookies and fruit snacks businesses in 2018. Ferrero’s North American footprint expansion has been further strengthened through its related parties, with the 2017 acquisition of Ferrara Candy Company, the manufacturer of brands including Nerds, Trolli, Sweet-tarts and Black Forest.
“As Wells transitions from one family to another, we are committed to a long and successful future, building on their legacy of fantastic products and looking after the welfare of employees and the wider community in Le Mars,” said Giovanni Ferrero, executive chairman of the Ferrero Group.
