Wells Enterprises Inc. has signed a purchase agreement with Eden Creamery LLC to acquire the Halo Top brand. This purchase expands Wells’ current portfolio to five distinct brands and provides consumers even more access to their favorite products. The sale is expected to be completed in September, subject to standard closing conditions. Financial terms of the deal are not being disclosed.
“Halo Top disrupted the ice cream category by providing a high-protein, low-sugar, low-calorie dessert that gave consumers a reason to purchase ice cream as a treat again. Halo Top met a consumer need that no one else in the category was serving. We feel it is a good fit for the Wells portfolio as we look to broaden our offerings for consumers,” says Mike Wells, CEO and president. “Wells has been making ice cream products for over 100 years. We have the sales and marketing expertise, but more importantly the passion, to help grow this brand even further. We love ice cream and will leverage Halo Top’s brand equity and awareness to help grow it.”
Headquartered in Le Mar, Iowa, Wells is the No. 2 ice cream manufacturer in the U.S. with a house of brands, including its signature brand, Blue Bunny, along with private label and co-pack business. Customers and consumers can expect the same quality of ice cream and frozen treats from Wells, with no interruptions in service to find Halo Top treats.
“We’re thrilled to join the Wells family. As Halo Top continues to mature, Wells’ expertise in everything from operations, to managing brands, to making ice cream products for over a century will help Halo Top become an even better product and stronger brand,” says Justin Woolverton, founder and CEO of Halo Top. “On top of that, Wells simply does things the right way—something that has been at the forefront for us when looking at potential acquirers.”
In connection with the purchase, Wells also has agreed to license the Halo Top brand outside of the United States and Canada to a new company that Doug Bouton, president and COO of Halo Top, plans to operate after closing.
UBS Investment Bank acted as the financial advisor to Wells, with McDermott Will & Emery serving as legal advisor. J.P. Morgan Securities LLC acted as Halo Top’s lead financial advisor, with Barclay’s co-advising and LKP Global Law serving as legal counsel.